With the new year upon us, we’re joining the trend of declaring our “ins and outs” for 2025. Let’s make 2025 the year of building a positive mindset about money and positive habits that help us grow and thrive financially. 

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So, what’s 'in' this year?

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Automating Your Savings

If you struggle with saving and see only what you have left at the end of the month, try implementing automatic transfers to move money into savings as soon as payday hits. Pay yourself first! 

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Creating Sinking Funds

Of course, we had to mention sinking funds. Still, whether you’re putting money aside for Christmas or Car Insurance, sinking funds are invaluable in keeping your finances on track. 

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Sticking To a Budget

Let’s make a realistic budget that we will stick to! No more pretending we can survive on £30 a week - be honest with your spending, and you’ll thank yourself for it when you stop dipping into your savings. 

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Putting Money Aside for Fun

Just because you want to stick to a tight budget doesn’t mean you can’t have fun. Make sure you allow yourself some money each month to have fun - whatever that means to you - and write it into your budget. 

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What’s 'out' this year?

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Not Checking your Bank Account

Gone are the days when we were too scared to open that banking app. There will be no more counting down till the next payday, and you will have no clue where your money went or even how much you’ve left. By making it a routine to check your account, you will help yourself eliminate the fear and face your financial situation with ease. 

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Not Investing

Keeping your money in a savings account may be outdated, especially if you want your money to grow in the current climate. Look into different types of investing and figure out the best place for your money to start working for you.

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Falling Victim to Lifestyle Inflation

Let 2025 be the year of the pay rise. However, we will not be spending it all and ending up with less money than before by purchasing things we can’t afford - plan out how you’ll sort that extra cash and allocate it wisely. 

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Not Putting Yourself First

Putting yourself first starts with paying yourself first. This means we’ll prioritise our needs and wants by saving and investing our money as the first step in our budget. No more saving £20 you had left at the end of the month; put £100 aside on payday and promise yourself you won’t touch it for anything other than what it’s intended for. 

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Sticking with One Bank Account

It’s time to branch out. Look into switching bonuses offered by banks and see if you could make money by simply switching providers (minimum effort required). Also, having different money allocated to different accounts (bills, transport, savings) can transform your finances by keeping each amount separated. 

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