According to a survey conducted by the Co-operative Bank, 45 per cent of Britons make New Year’s Resolutions to be better with money. If you missed jumping on this bandwagon, well, luckily for you it’s now a new tax year, which means a chance to wipe your slate clean, start from scratch and nurture better spending habits.
What are your New Tax Year Resolutions? We’ve compiled a handy list of ways to save – and spend – better in 2019.
Check for promo and discount codes before buying
Remember that little box on payment pages that asks you to enter your voucher code? Most people ignore it, to the delight of ecommerce sites. But other money-savers are smart – they compile lists of voucher codes online for like-minded savers to use and find. Most of the discounts involve 10 per cent off purchases or free shipping, but if you’re lucky you may find up to 20 per cent off what you would have originally paid.
Make off-season purchases
The instant New Year’s Day hits, stores slash their prices on Christmas goods like wrapping paper and any other holiday-related goods. The same thing happened at Easter – chocolate eggs and bunnies dropped to half price as soon as it was over. Buying things off-season is a great way to save money – so buy your winter gear now and get great prices on skis, snowboards and thermals. Come September, go swimsuit shopping.
Turn your storage room into a goldmine
If you have piles of junk you’ve been meaning to get rid of – from obsolete computer games, DVDs and CDs to old clothes – now is the perfect time. Purging unnecessary items is cathartic and rewarding, both emotionally and economically, as companies like Music Magpie are willing to not only come to your door to take your stuff, but pay you for it as well. Spring cleaning has never been more lucrative.
Change your phone tariff
Eight out of ten Britons with monthly contracts are on the wrong phone plans, i.e. they’re not using the full quota of their allotted minutes and texts. If you’re not using your plan in its entirety, you’re wasting a lot of money you could be spending elsewhere toto 4d. While choosing a new plan may be overwhelming, considering all the options out there, it’s definitely worth it in the long run.
Get the best interest rate from your bank – or switch
If you have some savings in the bank, either in a regular savings account or a tax-free ISA, make sure you’re getting a good interest rate. The rate of inflation currently is 2.7 per cent and most banks offer rather depressing interest rates. An interest rate of 2.5 per cent at Lloyds will have you actually losing money by not spending it.
Stocks and shares ISAs are riskier – they are stocks, after all – but return much higher interest rates. If you’re willing to move beyond a cash ISA, stocks and shares is your next best bet.