These New Year money saving resolutions from Martin Lewis could save you thousands - here’s how

Have you made a resolution to save money this year? (Photo: Shutterstock)
Have you made a resolution to save money this year? (Photo: Shutterstock)

The start of a new year can be tough financially after a period of heavy Christmas spending, so tightening the purse strings is often on the agenda for many come January.

If you are making resolutions for the year ahead, some money saving tips could be a good thing to add to your list - particularly as sticking to these resolutions could save you thousands, according to Martin Lewis.

Resolutions that will last

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    Speaking on This Morning, the Money Saving Expert founder explained several resolutions that could do straight away and see a lasting impact on your finances throughout the year.

    Lewis said: “Diets and money are the two things people really focus on in the new year.

    “People are skint - you get paid early in December and the same time in January.

    “I’m not a big fan of New Year’s resolutions generally. But these are all things you can do now and then forget about it, because you’ve sorted it for the year.”

    Among the 21-strong list, Lewis outlined some top tips to save some cash, ranging from cutting down your energy bills in just five minutes, to clearing credit card debt.

    MoneySavingExpert founder has given some top cash-saving tips that will have a lasting impact (Photo: Getty Images)

    Top money saving resolutions

    If you’re keen to save on the pennies this year, here are some top tips from Martin Lewis that will make a lasting impact on your finances throughout 2020.

    Mortgage repayments

    There is a possibility that UK mortgage interest rates could rise this year, so it’s worth checking if you are on the best deal. Lewis advises uses the Mortgage Best Buys Tool to find your cheapest rate, then compare it with your current deal.

    Marriage tax allowance

    If you are married or in a civil partnership, the Marriage Tax Allowance allows some couples to transfer a proportion of their personal allowance between them, worth up to £212 per year.

    Haggle for deals

    Instead of simply renewing a service with the likes of AA, BT, Virgin and Sky via a call centre, try haggling for a better rate.

    Many who have tried have seen great success, landing savings of 88 per cent with AA, 73 per cent with BT, 83 percent with Virgin and 88 per cent with Sky.

    Shop and save for Christmas now

    Getting organised for Christmas early can do wonders for your savings, particularly as January sales are the cheapest - and shopping pre-Christmas is typically the most expensive.

    The average family spend at Christmas is £800, so spreading the costs over several months will make your finances easier to manage.

    Cut credit card interest

    If you have had a credit card for a long time without clearing the balance, it is likely racking up a lot of interest.

    Lewis advises shifting the debt to a zero per cent balance transfer card instead, giving you the chance to pay off what you owe over longer periods - and reducing interest by £100s or £1,000s.

    Car insurance

    Prices for car insurance are predicted to rise this year, so it’s worth checking now if you are overpaying and find a cheaper price, via MoneySavingExpert’s car insurance cost-cutting system.

    Even if you are not yet due to renew, you may be able to switch and save now.

    Check your tax code

    At least six million people are paying the wrong amount of tax due to an incorrect tax code, Lewis explained.

    Check if you are paying the correct rate via this free tax code checker, which could save you thousands.

    This article originally appeared on our sister site, Edinburgh Evening News.