Tips for sticking to your New Year’s budget

Share this article

January is here, and so are our New Year’s resolutions. Perhaps one of your resolutions is to get your finances on track and create a budget. Setting that goal might be a great place to start, but how can you be sure you’ll stick to it? 

We’re going to give you some tips on how to stay on budget. But first, it’s time to get your  detective’s hat on to find out where your money’s going. 

How much money do you have, and where does it go?

Let’s start at the beginning – what is your regular income? Make a note of your salary (after tax), any additional work income (e.g., freelance work), benefits, maintenance/child support, savings interest, investment income, pension income, and any rent from properties. 

The next step is to list all your spending. That means everything – regular bills, variable spending, and infrequent spending, such as:

Regular monthly bills

  • Mortgage/rent
  • Water
  • Gas
  • Electricity
  • Council tax
  • Broadband
  • Landline
  • Insurance
  • Subscriptions (e.g. TV, magazine, music)
  • Gym membership
  • Charitable donations
  • Car tax

Variable spending

  • Groceries
  • Clothing
  • Childcare
  • Toiletries
  • Medicine
  • Commuting costs
  • Fuel
  • Takeaways
  • Eating out
  • Entertaining
  • Sports
  • Hobbies
  • Cleaning
  • Gardening

Infrequent spending

  • Birthdays
  • Christmas
  • Holidays
  • Car servicing and MOT
  • Eye care
  • Dental care
  • Tax bills (if self-employed)

Now that you have a clear picture of your income and expenditure, you can create your budget to plan out how much you will aim to spend and save.

How to stick to your budget

Creating a budget is all well and good, but what matters is whether you can stick to it. Here are seven tips that could help you.

The final word

Who knew sticking to your New Year’s budget could be so easy? 

Now, all that’s left is to work out the type of savings account you need, if you don’t already have one set up. Ultimately, your choice will come down to whether you want to be able to dip in and out of your savings or are happy to lock your money away with a fixed rate. Learn more about Marcus savings accounts here. 

Whichever you choose, our tips will help you stay on course to achieve your saving goals. 

The content in this article is for information only and is not advice. All content in this article was accurate on the date of publication shown above.

Connect with us on social media

Follow us on social media for news, insights and tips from Marcus by Goldman Sachs.