According to new research, a fifth of Brits are making it their New Year’s resolution to save more money in 2025, and a further 40% have felt ‘extremely stressed’ over the cost of Christmas.
With a festive financial burden, Markus Lindblad, from Haypp, which carried out the research, said Brits can save just under £1,000 by cutting down on any unnecessary costs this January. While January can be a tight month for many, there are certain things you can do to give your bank balance the boost it needs and start the year strong, including Dry January and Veganuary.
Dry January
Going tee-total might be just the trick to getting you a bit of extra cash and Dry January is the perfect time to start. On average Brits spend around £15.30 a week on alcohol, looking at this cost over the month, you can save around £68. Not only will it benefit your bank balance, but it will also make you feel better too.
Stop buying coffee
Brits have definitely developed a strong coffee culture over the years, with oat flat whites and matcha lattes becoming popular on the coffee scene as a daily essential for many. With the average Brit spending £3.40 a day on a cup of coffee, this equates to £105 across January. So next time you fancy a coffee, brew up at home.
Quit smoking
With 20 cigarettes now costing around £15, it’s certainly not a cheap habit for smokers. Not only is it better for your health, but stopping smoking can also bring lots of financial gain. With the average smoker spending around £52.50 on cigarettes a week, quitting the habit throughout January will save you a huge £231.
If you’re looking to quit the habit for good, then alternatives, such as nicotine pouches are a great option, as not only are they smoke-free and discrete in comparison to cigarettes, but they are also cheaper, meaning you’ll still be able to save money whilst leaving the harmful cigarettes behind.
Stop eating out
On average it’s said that Brits eat out at least 1.5 times a week, spending approximately £53 per meal. If you do the maths, this works out at nearly £80 a week, £79.50 to be precise. While it’s more convenient for Brits to buy their lunches at work or order in a takeaway, they don’t realise the impact this has on the bank balance. By eating in for the whole of January and making your own meals, you could save a huge £352.
Clear out the wardrobe
January is the perfect time to clear out your wardrobe to make space for all the gifts you’ve received over Christmas. Even better, you can make some money from it. Apps, such as Vinted and Depop, are the perfect way to make a bit of extra cash, with some people even making up to £800 a month. However, on average, if you sell something for as little as £4 on Vinted, up to five times a week, then over the course of four weeks in January, you could boost your bank balance by £80.
Go vegan
A study by Oxford University revealed that those who are vegan save up to a third on their food shop. On average, Brits spend £64.50 a week on their weekly shop, meaning you could save £21.50 of this just by going vegan. In fact, taking part in Veganuary for the whole month of January could give your bank balance a boost by £93.