Spend Less, Save More, Get Out of Debt Are Some of the Financial Goals For Millennials This Year

Top tips from Emma Huntington, Managing Director of Zurich FutureYou


It’s that time again when we all start thinking of our personal goals to achieve in the new year. With New Year fast approaching many of us will be thinking about setting financial goals and saving money. To help, Emma Huntington, MD of Zurich FutureYou shares her 10 New Year’s resolutions with us that can help you save.

1. Make a budget and stick to it

Most of us have a vague budget in mind, but it can be hard to stay completely on top of daily outgoings as small expenses start to add up. The start of the year is the perfect opportunity to create a budget sheet to calculate your monthly outgoings and track your spending. Having this simple overview will help you monitor where you can make cutbacks and how much more you can save.

2. Get your credit into shape

Did you know that having a bad credit score could result in you paying more for other financial products such as a mobile phone contact or even your utility bills? Having a bad credit rating costs the average household an extra £1,170 a year*. Noodle, Experian and Equifax offers credit checks where you can monitor your score and get advice on how to improve it.

3. Make the most of loyalty cards

Most retailers have loyalty schemes to reward customers and keep them coming back to stores. You can collect points when you buy in-store, which you can use as a discount when you purchase again. Most businesses offer the scheme, from supermarkets to high street coffee shops, and making use of this can make a real difference in your back pocket.

4. Do a direct debit check-up

Do you monitor your account and direct debit outgoings? If not, you’re not alone. Millions wrongly let money drip from their bank accounts for things they don’t really want, such as unused gym membership. Making sure you’re keeping track and cancelling subscriptions or membership you no longer want or use.

5. Bring a packed lunch to work

You’d be amazed at how much money you could save by bringing your own lunch into work every day. Brits spend on average £8* per day on lunch, compared to the average person who makes their own lunch at home spending £552 a year. This means you could save more than £1,000 a year if you switched your daily routine.

6. Cycle to work

Travelling to work can be expensive, and for those who live within walking or cycling distance, it’s really worth taking advantage of this. Not only will it be cheaper but it could save you hours in time too. If you have no option other than to get the train, then check whether your workplace offers a season ticket loan. Buying a season ticket could save you hundreds of pounds each year and comes straight out of your pay cheque.

7. Pay in cash and save the change

Like most, watching your cash grow will encourage you to save even more. Try paying for items in cash and save your change – you’d be surprised at how much you can save over the year when it’s building up right in front of you. If you wanted to go one step further, set yourself a weekly challenge. Start by withdrawing £20-£30 on a Monday morning and ensure it lasts the full working week. Having this as a goal will encourage you to spend a little less, and you’ll have more money at the end of the month to put aside for the long-term.

8. Reward yourself

A budget shouldn’t be treated as an ‘on and off’ diet; you still need to have a treat or two and you’ll be more likely to succeed in the long run if you do so. Try going out once every few weeks, or buying that outfit at the end of the month. You’ll feel better for doing so and you won’t feel as though you’re missing out by saving.

9. Make the most of tax efficient savings

Saving for your pension may not be something you are thinking about now, but if you don’t you could be missing out on free money, as the government essentially gives you money every time you put money in. For example, if you’re 30 now and start saving the equivalent of just £10 a week more into your pension, by the time you’re 65 you’ll have £48,400 more stashed away (equivalent to £20,400 after inflation) – and that’s before you factor in any added employer contribution you unlock. In addition, each year we also all have over £15,000 worth of tax free savings capacity in ISAs which can often offer attractive returns.

10. Think about your future

Do you know how much you need to save each month to achieve your ideal retirement? If not, don’t fear,

Charlotte Giver

Charlotte is the founder and editor-in-chief at Your Coffee Break magazine. She studied English Literature at Fairfield University in Connecticut whilst taking evening classes in journalism at MediaBistro in NYC. She then pursued a BA degree in Public Relations at Bournemouth University in the UK. With a background working in the PR industry in Los Angeles, Barcelona and London, Charlotte then moved on to launching Your Coffee Break from the YCB HQ in London’s Covent Garden and has been running the online magazine for the past 10 years. She is a mother, an avid reader, runner and puts a bit too much effort into perfecting her morning brew.