It’s time for New Year’s resolutions and let’s face it, it is the time of year we all want to save more and spend less. The best money-saving tips for 2024 depend on your specific personal financial situation and your financial goals, but good news, here are some general tips that work for most people, including some top saving tips by leading money bloggers:

Top saving tips for 2026:

Track your spending: This is the first step to understanding where your money goes. Use a budgeting app, spreadsheet, or even just a piece of paper to track your income and expenses for a month. Once you see where your money is going, you can identify areas where you can cut back and any bad spending habits to address. 

Create a budget: Once you know your financial health, i.e. where your money is going, you can create a budget to allocate your income towards your expenses and savings goals. This will help you stay on track and avoid overspending. There are many budgeting methods available, so find one that works for you.

Prioritise your spending: Identify your must-have fixed expenses (rent/mortgage, utilities, groceries) and prioritise them. Then, allocate your remaining money to things that are important to you (entertainment, travel and hobbies). Avoid impulse purchases from online shopping and stick to your monthly budget (barring that daily cup of coffee, as you deserve it). You can still have a great time being on a budget!

Reduce your fixed expenses: Look for ways to save money on your essential expenses. Shop around for better deals on your broadband, your energy (check out a review of Octopus Energy) and your phone bills. Consider refinancing your mortgage (by comparing the best deals). Takeaway is to review different suppliers and find the best deal and cheapest option. 

Boost your income: Look for creative ways to increase your income. Can you take on a side hustle or ask for a pay rise at work? Could you create a profitable AirBnB Experience or teach in online tutorials after your 9-5? Could you offer your basic DIY skills at community workshops? Selling unused items or freelancing can also be good options to gain extra money.

Set financial goals: What do you want to achieve with your money? Do you want to save for a down payment on a house, pay off debt, or retire early? Do you just want financial stability? Do you want to get out of credit card debt in 2024? Having specific goals will help you stay motivated and make wise financial decisions. You can add savings each month to a high-yield savings account.

Automate your savings: Every month, apply automatic transfers so you save without manually doing anything. It is an effective way to save but start with manageable amounts. Remember to start with an emergency fund (usually 3-6 months of your monthly expenses, key in case you lose a job or your boiler breaks)

Compare service providers: Use comparison blogs like Great Deals Made Easy to find special offers and exclusive deals could be key. Loyalty often doesn’t pay with sticking with your providers (from Broadband to mobile phone contracts). It could be a perfect time to shop around. Looking to stick with your provider? Michael from www.shiftingshares.com recommends “Whenever a contract is up for renewal, call to cancel it. Don’t accept the first offer. Take the second or third” He saved £400+ in around 8 minutes by calling Virgin Media to cancel his internet, not bad at all!

Here are some additional tips for 2026:

Take advantage of higher interest rates: Consider shifting some of your savings to a fixed-rate savings account to earn higher interest rates.

Pay off your high-interest debt first:  Consider paying off debt before saving, especially if it is a higher rate of interest. Consider 0% balance transfer cards to pay off high-interest debts with credit cards.

Make one of your New Year’s resolutions about money: Commit to making at least one financial change this year, like paying off debt or saving a certain amount each month. Goal setting is key, it could even be learning new skills to earn money.

Declutter your life: This can help you identify unused items you can sell or donate, saving you money in the long run. From old clothes to electronic gadgets. You can use apps like Vinted, Ebay of Facebook Market Place to flog your old items. Collette from cashbackcollette.co.uk recommends “Try a decluttering challenge and use free selling sites like Facebook Marketplace and Vinted to sell unwanted Christmas presents and things around your home that you no longer use such as old gadgets, clothes, and toys. Put the cash towards something like an emergency fund, or a family day out, or use it to pay down any debts”.

Embrace the sharing economy: Borrow what you need instead of buying it, rent clothes or household items instead of purchasing them, and look for shared experiences instead of individual ones. Check out the https://www.vinted.co.uk/ website and download their App.

Review your pension: Dan from www.thefinancialwilderness.com recommends “review your pension and not see that as a problem for the future you – you’ll really thank yourself in later life and even a small bit extra will help yourself. The reason they’re so good is the tax structure around them is hugely beneficial to encourage you to save. Whilst taking early action can help smooth the saving process via the long-term investment benefits, it’s never too late to do a bit more!”. Looking to merge your old pensions, consider reading my PensionBee review.

Avoid Food waste: Always buy items you know you will use before their expiry date.

The 1p challenge: Simply save £1 every day for some time, like an entire month, 3 months, or even a year (52-week challenge). This may seem small, but at the end of the month, you’ll have £30 saved! After the end of the challenge (a year), it’s a cool £365. Check out the 1p challenge article here. 

Go shopping less often: Nick from https://www.poundsandsense.com. has saved a surprising amount of money as a result. For one thing, there are fewer opportunities to make unnecessary impulse purchases. It also forces you to plan meals better, so you make optimum use of what you have in stock. Not only does this save money, but it also reduces waste. 

Remember, the most important thing is to find ways to save money that works for you and your lifestyle. There is no one-size-fits-all approach, so experiment and be creative!  Start with small changes and go from there. Here’s to financial success for us all. 

I hope these tips help you save money in 2024!

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