DRY JANUARY
For partygoers and takeaway fans, a "Dry January" challenge can help save money. Cut out non-essential expenses like coffees, snacks, and takeaways. Instead, try cooking new recipes and borrowing free films and books from the library. Adjust the challenge to fit your lifestyle, and use it as an opportunity to review your spending habits.
SAVINGS: £36+
ROUND-UPS
If you prefer using your debit card, take advantage of the round-ups feature offered by many banks. This service rounds up your purchases to the nearest pound and adds the difference to your savings account. Saving just 20p a day for a year can result in £73 saved. Ask your bank for assistance in setting up this feature.
SAVINGS: £73
COIN-SAVING
Cash lovers can save without even noticing by putting their change into a piggy bank. Simply round up your change from purchases and save it. For example, if you save 25p in coins every day, you could have £91.25 by the end of the year. This spare change could fund a cheap weekend holiday.
SAVINGS: £91.25
OVERPAYING YOUR MORTGAGE
Homeowners can save thousands in interest charges by overpaying their mortgage. Even small amounts like an extra £10 per month can make a difference. Check with your lender for any early repayment fees and limitations on overpaying.
SAVINGS: £3,000+
NAUGHTY RULE
Compulsive shoppers can curb their impulsive buying habits with the "Naughty Rule" challenge. Choose a retailer or service that you consider "naughty" and add an extra charge to your purchases. The additional amount is then transferred to a savings account. This challenge can help you save money while curbing bad habits.
SAVINGS: £36+
Where to keep your savings
Make sure your savings earn the best interest rates. Regularly check comparison sites like Moneyfacts.co.uk for the top-paying accounts. Currently, Santander's Edge Saver offers the best rate for easy access, at 7%, but it applies only to balances up to £4,000.
