The New Year is the perfect time for a financial reset - especially for tenants looking to stretch their money further. You don’t need drastic lifestyle changes to make a real difference. A few simple resolutions, stuck to consistently, could save you hundreds over the year.
1. Track your spending
Understanding where your money actually goes is the first step to saving it. Even a short spending audit can reveal quick wins. Try tracking your spending for a month and see whether you discover anything you hadn't noticed before.
2. Review energy usage
Small changes like washing at lower temperatures and turning appliances off at the socket can reduce energy bills over time. Find articles about energy saving in our sustainability hub.
3. Cut back on subscriptions
Streaming services and app subscriptions can quietly add up. Note down everything you are subscribed to (check your monthly bank transactions if you think there may be some you have lost track of!). Cancel anything you don’t regularly use.
4. Plan meals and shop smarter
Meal planning helps avoid impulse buys and costly takeaways, making a noticeable difference to monthly spending. If one of your resolutions, like it often is for many, is to eat healthier in the New Year - planning meals can help with that too so it is a double win.
5. Set a monthly savings goal
Saving little and often builds a useful financial buffer without feeling overwhelming. Set a monthly savings goal, even if it is small, and see how you feel as the number gradually creeps up.
6. Compare utility and broadband deals
The New Year is an ideal time to check if you’re on the best deal as there are often new deals to be had. If you aren't already on the best one, cancel your current deal and switch where possible.
7. Make your home more energy efficient
Draft excluders, thermal curtains, and smart plugs are affordable ways to cut heating costs.
8. Reconsider transport costs
Walking, cycling or reviewing travel passes could reduce monthly travel expenses.
9. Shop second-hand first
Furniture, clothes and household items can often be found in great condition for far less. You can do this out and about in charity shops or at events like clothes swaps, or online on apps like Vinted and Depop.
10. Check you’re claiming everything you’re entitled to
From council tax discounts to single-person reductions, many tenants miss out on support they qualify for.
11. Avoid automatic renewals
Insurance, broadband, and mobile contracts, plus things like car and travel insurance, often roll over at higher rates. Set reminders to review before renewal dates.
12. Be smarter with furnishing and decorating
Temporary décor solutions, like removable wallpaper and covers, can refresh your home without expensive purchases. Make sure you speak to your landlord or letting agent before any big decorating changes!
Adopting even a few of these resolutions could save tenants hundreds over the year. It’s about making thoughtful choices that add up - without compromising your lifestyle.
