Make a New Year’s Resolution to save money

piggy bank

Saving money is a good habit to get in to and it is something I have always encouraged the kids to do from an early age.

If you save regularly, it is lovely to watch your savings start to add up and keep growing and the easiest way to get your savings working for you is to set things up so that you automatically add a little bit each month to your savings. That way you won’t have to remember to make the payment and you won’t be tempted to skip a month.

When I worked for a large company, my favourite way of saving was the save as you earn scheme (SAYE), where they took an agreed amount from my wages and invested it in company shares. These schemes usually run for three or five years and at the end of the scheme, a tax-free bonus is added to your savings.

It is important to set a savings goal and over the years, my savings have helped to fund home improvements, including a new kitchen, bathroom and windows, a new car and holidays.

Obviously, this option is only available with companies that offer them, so what other saving options are out there, especially with current interest rates being so low?

Saving Options

Cash ISA

Cash ISA’s (Individual Savings Account) are savings accounts you NEVER pay tax on. Everyone in the UK aged 16 or over gets an ISA allowance at the start of each tax year, which is currently set at £20,000 for 2018/19.

Investment ISA

An investment ISA (also known as a Stocks and Shares ISA) is a tax-efficient wrapper in which you can buy, hold and sell investments.

It may still be called an ISA, but a stocks & shares ISA is very different to a cash ISA, which is simply a savings account you never pay tax on. With a stocks & shares ISA, you’re investing in the stock market. These generally outperform cash savings over the longer term, but their value can rise and fall, so you have to be prepared to take on some risk.

Regular Savings Accounts

Regular Savings Accounts require you to put money away each month with interest paid yearly. Unlike the ISA’s, the terms and conditions may be more rigid, with a minimum monthly payment required and a strict withdrawal limit.

It is important to do your research before deciding on the right account for you and I highly recommend checking out for more information.

Invest in a Loan

Becoming a lender with someone like can give you a great interest rate return on your capital, secured against land or property, whilst benefiting from the knowledge that you are making a huge impact on the local economy.

Have you made a new year’s resolution to save?

12 thoughts on “Make a New Year’s Resolution to save money

  1. Louise says:

    I’ve been putting 20% of my earnings into an ISA and it’s building up quite nicely. I just hope I can keep up with it throughout the year as I don’t usually do well at saving money!!

    Louise x

  2. Lea Bella says:

    I love this post! I think saving is so important. I’m 28 and already saving for my retirement. I doubt there will be a pension from the state by the time I get there!

  3. Stephanie says:

    It’s great to put a little aside if you can isn’t it, even if it’s just for Christmas to make that easier

  4. Lorna says:

    We need to save money to move back to the city, so that’s the short term goal!

  5. I need to concentrate on paying off some debts before I can think about saving. I have plans where I should hopefully chip away at everything!

  6. Nikki Thomas says:

    Although I don’t make resolutions, this is something I want to focus on this year.

  7. Laura Dove says:

    Great ideas! I really want to save more this year and just be more sensible!

  8. Talya says:

    This year I think we are going to try and be more committed to saving as we have realised that we have been spending more when we should in fact be saving.

  9. Gingey Bites says:

    2019 is my year for saving – we’re so close to finishing our house deposit so I’m keen to have a really frugal year and smash our goals!

  10. I need to spend some time looking into these options, as this is the year that I want to cut back and save as much as possible 🙂

  11. Jon says:

    Some good ideas here. There’s a reason everyone starts a new mindset in January as it gives you a chance to clear out the old habits of 2018!

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