A third of Brits are more likely to save money in January than any other time of the year to reset for the year ahead – and this is how they’re doing it
Brits are turning the month of January into a cost recuperation period, looking to offset some of the financial excesses racked up over the festive season.
Saving rather than spending has become the top priority for people across the country as they brace themselves for the impending Christmas credit crunch. To combat the strain on their wallets, which is also coming from steep phone charges and high energy bills, Brits are adopting a variety of ways to cut back costs. .
Among the savviest money-saving moves being made are ‘no spend’ weekends, bulk cooking and storing meals to reduce food costs while out, and engaging in ‘unsubscribathons’ by cancelling needless paid subscriptions.
Other clever tactics include pampering with DIY spa days or embarking on a £5 challenge, where every fiver is saved in a jar for an entire month. Additionally, a third of people are mulling over a ‘cash-only’ diet which involves using physical cash for weekly costs instead of plastic.
This survey was carried out by SMARTY Mobile, who has joined forces with savvy living expert and TV favourite, Angellica Bell, to offer a unique financial fitness class.
Participants can tighten their belts both literally and metaphorically, by working out while snagging some valuable penny-pinching pointers. “I’m hoping to help people get physically, and financially, fit by shedding the excess ‘pounds’ that come with things like unwanted or overpriced subscriptions,” confided Angellica.
“Being on top of our finances is a massive step towards a boost in mental health, and that in turn leads to physical wellbeing, small steps are always a great start,” she added.
This year the primary financial goals for Brits are reducing their monthly expenses, building an emergency savings fund or saving for something in particular like a holiday or new home.
Two thirds have or are planning to set a monthly budget for 2025 to assist with this, but the study found that 49% of these admit they are only ‘somewhat likely’ to stick to it.
Sayed Hajamaideen from SMARTY Mobile, stated: “It’s clear to see that as a nation we’re embracing different ways to cut excess costs, with January being an ideal time to start forming new habits that can make a lasting difference.”
“We’re thrilled to be collaborating with Angellica to spotlight some simple ways to get financially fit and kick off the year savvy.”
TOP 20 WAYS BRITS ARE GETTING ‘FINANCIALLY FIT’ IN 2025:
- Seeking out voucher / discount codes
- Selling unused / unwanted items on online marketplaces
- Turning down the thermostat and using blankets or layers
- Batch cooking and freezing meals
- Reusing gift bags, wrapping paper, and ribbons
- Using cashback apps for groceries and online shopping
- Walking or cycling instead of using public transport or driving
- Switching to generic or store-brand products
- Buying second-hand or vintage clothes instead of new
- Planning “free outing” days, like museum visits or hikes
- Setting a daily or weekly spending cap
- Starting or continuing with a side hustle
- Shopping exclusively from discount or clearance sections
- Participating in “no-spend weekends”
- Growing herbs or vegetables on your windowsill
- Using a budgeting app to track expenses
- Joining a library for free books and media
- Making homemade cleaning supplies from basic ingredients
- Doing a £5 challenge where every note goes into a jar for a month.
- Doing an ‘unsubscribathon’ challenge where you unsubscribe from paid-for services
