A new year is a good time to think and work towards better financial control, whether by saving more, spending smarter, budgeting effectively, or cultivating new money habits. I've got you if you need inspiration for money habits to pick up ahead of 2025!

1. Budgeting

Make a budget, review it regularly and adjust it if needed. The good thing about being in the 21st century is that many apps and sites can do that for you. Bank apps like NatWest, Santander, and Nationwide allow you to set and track spending goals. MoneyHub, Monzo, Plum and Emma are also fantastic apps that help with budgeting and money management. For Excel lovers, a simple spreadsheet could also do the trick. Make sure to set realistic budgets, as there's no point in setting a budget you won't abide by. An excellent budgeting rule of thumb is 50/30/20: 50% for the essentials like rent and food, 30% for wants, and 20% for saving or debt repayment.

2. Saving

Saving is an excellent habit to build, and many bank and financial apps now make it easier. One cool way to save is by using the roundup service that many banks offer. It saves your spare change from everyday purchases and puts it in your savings account. Say you buy a coffee for £2.30 and pay with your debit card or contactless device. The bank rounds up the amount to the nearest pound (£3.00) and sends the difference to your savings account, in this case, £0.70. You could also research student savings accounts as they have more flexible and creative ways to save. We often forget that life is unpredictable, and the best way to protect yourself from unforeseen circumstances is to have savings for emergencies.

3. Cutting Unnecessary Costs

Small changes can make significant differences. Cancel subscriptions you don't use, utilise student discounts and hunt for deals on groceries and essentials. Websites like UniDays and Student Beans can help you save on everything from clothes to tech. Another way to cut costs is to reduce the number of spontaneous trips to the shops and make a shopping list before any shopping trips to avoid spending on things you do not need. You can also consider meal prepping, which allows you to have meals ready ahead of the week and reduce the number of times you buy food from the shops.

 Here's to a New year! New habits! 

If you would like to have a go at cooking a feast for you and your housemates before you go home for the holidays we have added Christmas dinner recipe and a vegetarian option in our Student Cookbook!

For further money-related support, contact Student Funding Support by email (studentfunding@warwick.ac.uk), phone (024 7615 0096), or come to the Wellbeing Reception in Senate House (10 am-3 pm Monday-Friday).