\n\t\t\t\t\tGet cashback on your insurance, cut down on takeaways, use AI to check bills – a financial coach offers simple hacks to feel instantly richer\t\t\t\t\t <\/p>\n
After relaxing the purse strings a little over Christmas, there\u2019s something about January that makes the need to save money<\/a> feel pretty urgent: you might have a credit card balance to clear, savings to replenish, or maybe you just want to cure your spending hangover by minimising the damage to your budget. <\/p>\n One of the problems with money is that it takes a while to earn and very little time to spend. But there are definitely methods of saving money quickly and effectively \u2013 often without even compromising your lifestyle too much.<\/p>\n Here are seven ways you can try to maximise your savings:<\/p>\n The reverse 1p saving challenge<\/p>\n The 1p saving challenge has gained popularity in recent years, with Monzo bank even introducing it as an app feature in 2025. The challenge is simple: you save 1p on the first day of the year, 2p on the second, etc, until the end of the year, at which point you will have saved \u00a3667.95 without even really noticing. <\/p>\n The only problem with this approach is that it builds up slowly to a crescendo at the end of the year, and isn\u2019t particularly speedy or satisfying straight off the bat.<\/p>\n This is why a reverse approach can work \u2013 you start with \u00a33.65 on day one \u2013 to do it this way transfer manually out to a savings account or pot, or use an app like Plum \u2013\u00a0and then reduce by 1p every day. <\/p>\n It\u2019s still well under what you would spend on a daily coffee, but the money builds up quicker, with \u00a3105 saved after a month, and almost \u00a3500 saved after six months.<\/p>\n Don\u2019t aim to stop spending \u2013 just aim to slow down<\/p>\n Trying to stop all\u00a0extraneous spending<\/a>\u00a0is a very common January pursuit, and one that is almost always destined to fail as the January blues set in and retail therapy starts to look more and more appealing. <\/p>\n But you don\u2019t have to stop spending altogether to make an impact, says Bola Sol, financial adviser and author of\u00a0Your Money Life.\u00a0\u201cSaving money becomes easier and faster when you slow down your spending,\u201d she says. \u201cA moment of checking the price, comparing options or asking whether you truly need something can protect your budget far more than you think.\u201d <\/p>\n Making sure you get the very last bits out of your beauty products can buy you some extra time and save you money, as can switching treats like a snack or coffee on the go to every other day, takeaways to every other week. Extra time can help you to avoid impulse buys, so have a 48-hour rule for any purchases over a certain amount. In slowing things right down, you can save a lot of money without depriving yourself.<\/p>\n New FeatureIn ShortQuick Stories. Same trusted journalism.<\/p>\n Track, and celebrate, how much you save<\/p>\n Simply avoiding spending on non-essentials can have a positive effect on your bank balance<\/a>, but so often we don\u2019t really feel or see the impact of those denied treats. <\/p>\n I recently discovered an app called Boodle, which allows you to bank those skipped spends straight away \u2013 for example, if you walk past your favourite bakery instead of dipping inside for an almond croissant, you can \u201cBoodle\u201d the money that you would have spent \u2013 giving you a tangible way to see how much you\u2019ve saved, and encourage you to continue the behaviour.<\/p>\n It bridges the gap between the positive behaviour and the desired outcome, making you more likely to do it again the next time temptation comes calling.<\/p>\n Get cashback on all the boring things<\/p>\n Almost every boring thing that you have to spend money on<\/a> \u2013 car insurance, life cover, airport parking, train travel \u2013 comes with a cashback opportunity, and often the rates are much higher than for everyday consumer spending. <\/p>\n You could get \u00a350+ cashback for buying most types of insurance via a platform like TopCashback, with other, similarly dull purchases giving varying rates \u2013 all of which adds up, and which can significantly boost your bank balance once payable (usually after a few weeks).<\/p>\n You can also use a gift card cashback app like Jam Doughnut to get in-store cashback on your weekly shop. Over the course of a year, cash back can earn you hundreds.<\/p>\n Sell your stuff on the right platforms \u2013 and give the money a purpose<\/p>\n People reselling things <\/a>they no longer want or need successfully usually have two things in common: they know where and how to list them to get a good price, and they have a dedicated place to stash the proceeds.<\/p>\n