How To Save Money In The New Year
The New Year is a great time to make financial changes to make it easier to achieve financial goals and set yourself up for success for the rest of the year. You can use budgeting tips for financial success to ensure you can save up for that new car or house that you’ve been looking at while still having enough money to afford necessary expenses and create an emergency fund.
In this guide from Utah Title Loans, Inc., we will explain a few strategies for how to save money in the New Year. Learn how to budget and save to reduce expenses and save more this upcoming year. We will also review how our emergency loans, such as title loans, payday loans, and installment loans, can help when New Year emergencies arise.
10 Money-Saving Tips For The New Year
According to a survey from Ipsos, about 70% of Americans want to save more money as their New Year’s Resolution. This is nothing new; people have always seen the New Year as an opportunity to change their financial fortunes. However, developing a plan and sticking to it all year is a different story.
Below, learn 10 of the best ways to save money in 2025 to help with your New Year’s resolution:
1. Automate Your Savings
By automating your savings, you guarantee that you send money to your savings after every paycheck. This removes the effort on your part to remember to send money from your checking account to your savings account after every paycheck.
Set up an automatic transfer from your checking to your savings account right after payday. Most banks allow you to schedule recurring transfers, ensuring you save before spending. Consider using apps like Digit or Acorns, which automatically round up purchases and save the extra change for you.
2. Cut Down On Subscriptions
T.V., entertainment, and other unnecessary subscriptions can add up to hundreds of wasted dollars per year, especially if you don’t use them. The same can be said for expensive phone and internet plans that charge you extra for features you don’t need.
Compare providers to find the best deals and aim to keep only 2-3 essential subscriptions. Try canceling non-essentials for a month—you might be surprised how little you miss them!
Our suggestion: have one of each type of subscription. Instead of having Netflix, HBO Max, and Disney+ for television and movies, choose the one that you use most frequently.
3. Read Financial Literacy Books
Financial literacy is rarely taught at home or in schools, so it's up to you to learn the financial basics of saving money in the New Year. Read some bestsellers that catch your eye from authors like Dave Ramsey, Robert Kiyosaki, and Tony Robbins.
Here are some of the concepts you can learn from these books:
- How to budget effectively
- The best way to cut expenses
- Actionable, achievable short and long-term financial goals
- How to invest smartly
- What savings account to use (traditional, high-yield, money market accounts, etc.)
4. Cut Down The Cost Of Your Commute
According to Bankrate, the average annual cost of a commute is around $9,000, which can account for over 20% of someone’s yearly income. Car payment, gas prices, and auto repairs can all factor into the high cost of driving to and from work every day.
The point? Cut down on your commute. Trade that expensive car for a reliable one you can pay off immediately or sooner, or find a way to bike, walk, or carpool to work.
5. Make House Hacking More Practical
With housing accounting for more than one-third of most people's spending, learning how to save money in the New Year starts at home. House hacking is when you rent out space in your home to help cover the cost of your mortgage or rent.
House hacking can significantly reduce your housing costs. Rent out a spare room on Airbnb, find a long-term roommate, or consider renting out storage space in your garage. Some homeowners even rent their driveways to commuters seeking affordable parking.
6. Use Cash-Back Apps
Cash-back apps can give you cash for the shopping you were going to do anyway. For example, you can get a percentage of the money you spend at stores like Walmart and Home Depot if there is a cash-back offer available for that store.
Look into coupons.com, Dosh, Ibotta, Rakuten, Receipt Hog, and other apps to save money in the New Year. These cash-back apps offer money back on your in-person and digital purchases.
7. Eliminate Unhealthy Habits
Frequent nights out, daily restaurant meals, or smoking can drain your finances. Cutting back on these habits—even partially—can lead to significant savings over time. Instead of spending money on unnecessary, potentially harmful habits, you can funnel your money back into your savings.
Here are some unhealthy habits to eliminate in the New Year:
- Smoking/vaping
- Eating unhealthy fast food multiple times a week
- Drinking alcohol every weekend
- Sugary drinks (soda, energy drinks, etc.)
- Getting fast food delivered
- Candy, chocolate, salty chips, and other treats
8. Delay Unnecessary Purchases
There will come a time every couple of weeks when you want something that you don’t need. Whether that is clothes, jewelry, a video game, or something else, the chances are that you won’t be able to afford more expensive luxuries all the time.
Rather than spending money you don’t have on something you don’t need, delay the purchase for a while. Wait a couple of weeks or months and use the item as a savings goal.
Let's say you want a new blouse that’s $125. Rather than risking missing rent to buy it, save $25 from each paycheck for the next five weeks. Then, you can afford it easily and won’t put yourself at risk financially. It will also feel good to wait and finally earn something through smart saving strategies.
9. Refinance High-Interest-Rate Debt
Consider refinancing or consolidating debt if you have a high mortgage interest rate or other high-interest debt. Lowering your interest rate by just a few points could save you hundreds or even thousands of dollars per year.
By consolidating debt, you combine two debts into one. Instead of paying two monthly payments and accruing interest from two loans, you can have just one monthly payment and only collect interest from one loan. This can reduce your costs in the short and long term.
10. Use The 52-Week Money Challenge
If you’re struggling to find money-saving tips for the New Year because you can’t afford to save chunks of money at a time. Start out slow with the 52-week money challenge.
This savings challenge involves saving money corresponding to the week of the year. For example, you’ll save $1 for week one, $10 for week ten, and $52 for week 52. By saving a dollar more each week of the year, you can save $1,378 by the end of the year.
While you try to save for the New Year, a financial emergency like medical bills, auto repairs, or unexpected travel costs may arise. If you don’t have the money to afford these costs, Utah Title Loans, Inc. can help with our emergency loans.
What Emergency Loans Can Help You In The New Year?
With the New Year can come costs that you didn’t expect. Your car could break down, you may need to travel for a family emergency, or your heating unit could malfunction. If you experience any unexpected financial emergency, Utah Title Loans, Inc. can help with our same-day loans for emergencies.
We offer three types of emergency loans:
- Title loans – This loan type lets you use your lien-free vehicle title as collateral to borrow up to $15,000 based on your vehicle’s value. As long as you have paid off your car, truck, or motorcycle fully, you can get approved. You will need the following required items: a driver’s license, a lien-free vehicle title in your name, and a vehicle for inspection.
- Payday loans – This unsecured loan, also known as a cash advance, allows you to borrow up to $500 from a future paycheck. You just need to prove you have income and agree to repay it with your next paycheck. To get a payday loan, you need a state-issued photo ID, your most recent pay stub, and a checking account.
- Signature installment loans – As the name suggests, a signature installment loan lets you borrow money and repay it in fixed monthly installments. You can borrow up to $1,500 based on your ability to afford repayment. You will need a state-issued photo license or ID, proof of income, and a checking account statement in your name.
You can start the process online for each of these loans by filling out the corresponding inquiry form. After taking a few minutes to provide your information, we will call you to explain the process. You can then bring your required items to our nearest Utah store location to get verified in 30 minutes. After signing a loan agreement, you can receive your funds within one business day.
Get An Emergency Loan For New Year Costs – Get Same-Day Approval Today!
Start your savings journey today with these proven tips. Need extra cash before your next paycheck? Contact Utah Title Loans, Inc. to explore short-term payday loan options and get the funds you need fast. Just fill out our online inquiry form and visit us in person to get approved in 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.