With January well underway, Brits are tackling the month’s financial challenges head-on. A staggering 43% of Brits are gearing up for the inevitable shock of their festive credit bill, alongside the anticipated rise in household bills.
It’s no surprise then that brits are looking for ways to get crafty with their cash and adopt innovative ways to tighten their belts.
Among the savvy strategies making rounds across the nation is ‘no spend’ weekends, embracing batch cooking and freezing home-cooked meals a stark contrast to buying pricey takeaways or lunches during work hours.
Brits are also partaking in whats being coined as ‘unsubscribathons’, cancelling unnecessary paid subscriptions en masse to save pennies.
More unique methods are emerging too, such as indulging in DIY spa days at home or participating in a quirky £5 challenge, where each £5 note is stashed away into a savings jar throughout the month, a practice 8% are taking up.
Moreover, a third of innovative savers are contemplating reverting to a ‘cash-only diet’, which means withdrawing a week’s worth of money and shunning card transactions entirely.
This survey comes courtesy of SMARTY Mobile, who’ve collaborated with thrifty spender and TV star Angellica Bell to run a bespoke financial fitness class. This unique event combines physical exercise with practical money-saving advice, helping participants lose the unwanted ‘pounds’ from costly subscriptions and more.
“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,” declared Angellica Bell, enthusiastic about her role in aiding people to slim down their expenditures.
“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.
The primary financial goal Brits are working towards is reducing their monthly expenses. This was closely followed by building an emergency savings fund (34%), while 28% are saving for a significant purchase.
Two thirds have or are planning to set a monthly budget for 2025 to help with this, but the study found 49% of these admit they are only ‘somewhat likely’ to stick to it.
Sayed Hajamaideen from SMARTY Mobile, said: “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.”
