Resolution: Save money in 2015

One of my new year’s resolutions is to save enough money to get me to the US Grand Prix at the end of next year. Flights alone around going to cost £800 but I need to do this.

My usual plan when it comes to this kind of thing is to simply earn more money than I know what to do with but clearly that hasn’t been working. So I’ve been looking at ways to save money in 2015.

Step one: Keep getting the best deals

Whether you’re using an automatic price comparison website like uMoneybook.com or are simply searching for the best deals on the things you need, this is a great way to save money.

uMoneybook is a free service that allows you to compare your bank to what others offer. It can show you the best deals on interest rates for your savings or can simply can give you a better overview of your debts and loans.

You should also make it a habit to look for voucher codes or cash back whenever you purchase something. 10% saved on every purchase can really add up.

Step two: Cut spending

This is the bit I don’t like and I’m not good at. For example, I’m a member of two gyms…

Go through all your outgoings and try and work out what you really need. If you don’t go to the gym, get rid of the membership. If you can’t get out of the contract for a while, go to the gym to at least make it worth while!

Once you’ve cancelled unnecessary subscriptions and regular payments, it’s time to start looking at cutting the amount of money you spend on things like shoes and food.

Go out for lunch one a week instead of twice. Cut back on buying clothes and shoes for a few months, at least. There’s always a way to cut your spending.

Step three: Take control

I’ve been looking at personal finance software that will tell me the exact state of my finances. This is the first step in trying to figure out where I can save money and how I can streamline my finances making them easier to manage.

For you, this might mean looking at your bank account and working out where your money is going. Once you know this, you can start to think about the areas in which you might be able to save money.

Step four: Boost your income

Whether it’s taking on freelance writing work or setting up affiliate sales on your blog, boosting your income could be the secret to saving more money in 2015. My whole career is freelance but I’m going to make a concerted effort to find more brands I truly love to forge a long term working relationship with.