Three New Year's finance resolutions we should all keep

The New Year is a time for fresh starts. You may be one of the millions who have resolved to make 2018 the year they eat better and get fitter. But it is also a great time to review your finances to see if you can improve them too.

We’ve put together three ideas for easy ways you could make more of your money in 2018.

New Year's finance resolutions image

1 - Review your spending

We know living on a DMP budget isn’t easy. You might already feel you track every penny you spend. But perhaps you’ve picked up a few bad spending habits in the past 12 months.

First up, dig out your last few bank statements and check through them. Are you paying for anything you don’t use? Do you recognise all the transactions?

Next, why not keep a spending diary for a week or two. Just write down everything you spend – you can use a notebook or the notes page on your phone - whether you pay cash or by card. You might be surprised to find where your money goes. Are there any things you could cut out and save the money instead? Building up a small savings pot whilst you are on a DMP makes real sense, it can help you through emergencies, such as the car failing its MOT.

Look at your treats. We all need a treat every now and then, and we certainly aren’t going to be the people to tell you otherwise, but have any of your treats got out of hand? Perhaps your monthly takeaway has slipped to weekly? Could you save some of the money instead? Or even put a bit more towards what you owe to help get debt-free that bit sooner.

2 - Switch and save

Shopping around for better deals on utility providers, such as gas, electricity, broadband, insurance, or entertainment packages, could save you hundreds of pounds a year. Yes – we know its dull, but the occasional hour invested on comparison sites such as uSwitch, CompareTheMarket, and Energyhelpline could pay off big time.

Even if you don’t switch, don’t be afraid to haggle for a better deal. TV providers like Sky, and even your mobile phone provider will often offer better prices if you tell them you are taking your business elsewhere.

Using cashback websites is another way to bring in some extra money. This is how it works: cashback sites offer cash rewards for if you click through, and purchase, from promoted online retailers.

You’re given a cash reward on top of the amount you’ve paid for an item. Do be aware these sites can have pitfalls, but if you approach cashback sensibly with sites such as Quidco or TopCashBack you could add more to your yearly budget.

Also, if you’re a blogger, you could try affiliate marketing. This is how it works - you can sign up to an affiliate program and advertise a product on your blog. You’ll receive a small payment every time someone clicks on the advert and buys the product you’re advertising. Services like WordPress provide a free blogging platform, if you’re interested.

3 - Check your pension options

Time to revisit your pension? If you’re working, your company should offer you a pension scheme – if you pay 1% into this, they’ll add the same amount to your pension pot. The good news is, in April this year, the amount your company has to contribute is increasing. From then, if you put 3% of your wages in your employer will have to top it up with a further 2%.

Need expert help with your debts? Complete our form to request a callbackRequest a callback
  • 0161 669 8925
  • 0161 669 8925

Articles home

Top of page

What solutions are available?
Complete the form and our friendly advisor will call you back to discuss the best way forward.

Your total debt?


Just a few more details before we calculate your results

Go to final step
Go to final step

We just need a few more details

Please remember, the form above is just an information tool. One of our advisors will be in touch to answer any questions you may have and offer you more personalised advice on how to resolve your debt problems.
About us

We've been helping people get out of debt for almost 20 years. Read more about what we do and the charities we support.

Read more
Fees & key info

Read more about the fees involved with each of the solutions we provide.

Download the Insolvency Service guide to dealing with creditors.

Read here for information about our Complaints Procedure and referring a complaint to the Financial Ombudsman Service.

Conditions Apply. Repaying your debt over a longer period of time can increase the total amount to be repaid. Your ability to obtain credit will be affected. Fees are payable when continuing service is provided.
Top 5 tips for
beating debt

Read our top 5 expert tips on how to beat debt and deal with your lenders.

Read more