As the first week of 2015 draws to a close, many Brits will already be looking for ways to boost their financial situation.
It comes as research from GoCompare reveals that 15% of Brits are seriously worried about their finances while more than a third said they need to reduce their spending as a matter of urgency.
In a bid to improve the situation, Brits have revealed some of the ways that they plan to boost their savings in the next 12 months.
From cutting down on takeaways to reducing energy bills, shaving even a few pounds off potential expenditures could result in big savings long term.
The most popular savings choices
The most popular method of saving in 2015 – named by 48% of Brits – will be to use vouchers, coupons and phone apps to gain discounts.
Using loyalty and cashback schemes was also a popular choice as 43% of Brits revealed they plan to reduce their spending in this way.
Shopping around for the best deals is also important, as cheaper car and home insurance can often be found in this way – probably the reason why 31% of Brits use this technique to save. Energy is often one of the main household expenditures and turning down the thermostat and switching energy provider is an activity 30% and 27% of respondents will enjoy respectively.
Changing everyday habits
Small changes to day-to-day life can help families too with 28% of people planning to reduce the amount of takeaways and ready meals that they eat.
Cutting out trips to the coffee shop from daily schedules and opting to shop at a cheaper supermarket were two further ways that could produce savings.
Sticking to a budget and limiting spending on certain items can also help in the long term and using a debit or prepaid card is a great way of tracking or limiting what is spent. Such options restrict the user from overspending as the lack of an overdraft means shoppers can’t spend outside their means.
Deciding what is needed
Other families are opting for slightly more extreme approaches in a bid to enhance their savings with 19% reducing what they spent on holidays and 17% preparing to cancel satellite TV subscriptions.
Reviewing mobile phone contracts could also highlight potential savings while walking or using public transport over driving could also prove beneficial.
Given that 8% of people fear they may have to rely on credit to make ends meet this year, saving at every opportunity could ease the financial burden they face.
There are many ways to reduce spending in the modern world and each individual will have their own approach. One thing is for certain though – saving is definitely beneficial in the long term!