Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

New Year's Resolutions: Top 4 Money Saving Tips for 2017

Dear Customer,
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.

Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you

New year's resolutions

These New Year’s Money Saving Tips could save you up to £2,100 in 2017.

If you want to save money in 2017, then you need to follow Ferratum’s New Year money saving tips. We have four totally achievable tips that could change your year. Whether you’re aiming to be debt-free or saving for a dream holiday, everyone can benefit from this New Year’s resolution.

1 Cut down on alcohol

The current advice advises that it is safest not to drink more than 14 units of alcohol per week on a regular basis. And, if you do drink that many units, it’s best to spread your drinking evenly over 3 or more days.

14 units are equal to about 6 pints of lager or 6 medium glasses of wine. A good guide for the average cost of one alcoholic drink usually sits around £2.50.

So, if we follow the guidelines, our annual drinking costs could be around £15.00 per week or £780.00 per year! Cutting down to just two days of drinking in this example would save you a massive £260 in 2017!

What to do? Cut down drinking by a third.

Total Saving: £260.00 per year.

2 Cut out daily takeaway coffee

Treating yourself to a daily takeaway coffee on the way to work may feel like a well-earned treat. At around £1.60 a cup, it may also seem like a totally reasonable treat. But, that's adding up to around £416 per year.

If you feel like you can’t give up your morning pick-me-up, then there are loads of at-home alternatives. A coffee capsule machine in your kitchen could save you around £251 in 2017 for example.

What to do? Switch to at home capsule machine (or any at home coffee!)

Total Saving: £251.00 per year.

3 Bin the meal deal

It may seem quick and convenient, but the meal deal may not be saving you as much money as you think. The average office worker is guilty of spending £2.83 on buying their lunch every day. But making your own at home could save enough for a European getaway over the course of the year!

The average Brit who buys their lunch is spending an average of £1840 per year compared to those who make their own at home who spend just £552 per year.

What to do? Make your own lunch for work.

Total Saving: £1,288.00 per year.

4 Did you know exercise is free??

The number one New Year’s resolution every year is getting healthy and/or losing weight. And your local gym knows this only too well. Gym sign ups rocket in January, and your gym will be keen to sign you up to a lengthy contract, that could cost around £32 a month. 

Invest your first month’s fee in a pair of running shoes instead and take up some free exercise. If you’re still committed to the new you in a couple of months, you can sign up to the gym then. If you’re worried about keeping to your new plan, our top tip is: tell a friend! If you share your plans to start running/exercising at home with your mum/best friend/colleague, you’ll be more likely to stick to it!

What to do? Buy some good quality trainers and start running (or walking/hiking- whatever works for you!).

Total Saving:  £352.00 per year.

If fixing your finances is top of your New Year’s resolution list this year, then following these top tips is a great start. If you followed every tip, you could save a massive £2,151 in 2017. And even if you only take up one, you can still have a massive impact on your finances.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.