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1:00 AM 11th January 2025
lifestyle

Five Financial Resolutions To Make In 2025

Image: spusu
Image: spusu
Resolutions don’t just need to take shape in the form of eating healthier or drinking less — they can also apply to your spending habits. Assessing your finances in January isn’t just about balancing the books — it’s your chance to reset, recover from holiday splurges and set goals to save big. In this article, SIM-only mobile provider spusu shares five things to do this year to stay on top of your spending.

Time to unsubscribe

Many of us unknowingly waste money on subscriptions we rarely use or have forgotten about. With the growing popularity of subscription services — from streaming platforms and fitness apps, to meal kit deliveries and personal care boxes — it’s easy to lose track of monthly expenses, especially when they’re automatic.

Subscription creep is a common phenomenon where small recurring payments accumulate over time. On their own, a £10 monthly fee for a streaming service or a £5 magazine membership might seem trivial. But when combined, these expenses can easily add up to hundreds of pounds annually.

Hidden treasure

Your home could be hiding a treasure trove of unused items that can be sold for cash. From furniture and electronics to clothing and books, selling items online has become popular over the last few years with the likes of Facebook Marketplace, Vinted and eBay.

Start by auditing each room for items you no longer use or need, and be honest about whether you’ll realistically use these items again. Then, list them with clear photos, accurate descriptions and reasonable prices to attract buyers. The benefits go beyond financial. Selling unused items reduces clutter, creating a more organised living space for the New Year.

Image: spusu
Image: spusu
Turn down to save big

As the cost of living crisis rolls into another year, small changes in heating or cooling habits can lead to significant savings. Research from Cambridge Energy found that lowering the thermostat by just 1°C could lead to over 1,500 kWh saving per household per year, which equates to around £140 a year depending on inflation. With the energy price cap set to increase by 1.2 per cent in January 2025, now is the right time to consider how you can save on your heating.

What’s more, many UK energy providers, including British Gas, EON and Octopus Energy, offer time-of-use (TOU) tariffs or off-peak discounts. These tariffs incentivise using electricity-intensive appliances, such as washing machines, dryers and dishwashers during low-demand hours, typically late at night or early morning. This can provide a sure way to save money throughout the year.

Smart budgeting

Budgeting can help you feel more in control of your finances and make it easier to save money for your goals. The trick is to figure out a way to track your finances that works for you. Start by setting clear financial goals, such as saving for a holiday, paying off loans or building an emergency fund, to give your budget a purpose and motivation.

Tools like Excel, Google Sheets or budgeting apps such as Snoop can help to organise and automate your tracking. It’s even more efficient to categorise expenses into groups like housing, food, transportation, entertainment and savings to identify spending patterns.

Choose budget-friendly mobile plans

One of the easiest ways to trim your expenses is by switching to a more affordable mobile plan. Compared to rolling contracts, SIM-only plans often offer more flexibility, allowing customers to choose a plan that best suits their usage needs without being tied to a specific handset or contract term. SIM-only deals like those from spusu, prioritise transparency, affordability and no hidden fees, and start from just £9.90.

SIM-only plans can run for as little as one month, meaning there is more control over how you spend your money. Plus, staying out of lengthy contracts allows you to focus on saving instead of paying for upgrades you don’t need.

Making financial resolutions in January sets the tone for the year ahead. From reviewing subscriptions, selling unused items, changing your heating habits, to choosing budget-friendly mobile plans and tracking your finances, small changes now can lead to big wins all year long.

Discover spusu’s plans by visiting spusu.co.uk