Money advice
New Year, New You – 3 money management habits to help get your finances back on track in 2025
The first few months of the New Year can often feel financially challenging as we try to get our household spending back on track after Christmas, especially with rising household bills. It’s a good time to work towards better financial control, whether by saving more, spending smarter, budgeting effectively, or cultivating new money habits. As Alastair Cooper from our Money Matters Team explains:
Tip 1: Create a budget
Start by reviewing your spending from the past year. Have your habits changed? Look at your recent bank statements and record all your outgoings. This will help you track your spending and review your fixed bills. You might be surprised at unnecessary expenses. Online tools like the Money Helper Budget Planner can assist you.
Tip 2: Tackle any debts
Facing outstanding debts can be daunting, but it’s better to address them sooner rather than later. Understand the difference between priority and non-priority debts to know which to tackle first. Remember that organisations like National Debtline offer valuable help and advice if you need it.
Tip 3: Make extra savings
Look for areas to cut back on spending. Switching supermarkets or mobile phone providers can reduce your bills. While some expenses are fixed, you might find savings by checking contract lengths, switching suppliers, or finding better deals.
Contact our Money Matters Team
At Great Places, we understand that managing finances can be daunting. Whether you’re dealing with debt, seeking advice on welfare benefits, or facing utility bill challenges, our dedicated Money Matters team is here to support you.
