If you are like most people after this busy Christmas period then you are likely to have more than just one eye on your bank account going into the new year. We can all be guilty of overspending or hitting the credit card hard during this time of the year, and January offers that pause for reflection when we know that there is something we have to do in order to rectify our finances. Reducing the amount of spending which you do is the most important, and we have financial genius Bharat Bhise on board to help us give you some tips on what you can do to reduce how much money you spend each month.


Something which Bharat spoke to us at length about was the importance of people tracking their spends using a phone app. The only true way to see how and where you are spending your money is to track it, and you may be surprised with what you learn. Those sandwiches and coffees that you pick up each day may seem insignificant but they all add up over the month. Apps like this are super easy to use, simply upload a photo of your receipts or input what you have spent, and then review it at the end of the month.

Ten Second Rule

When it comes to spending on items such as gadgets, clothing or things for the home, the ten second rule is a tool which can save you quite a chunk of change. The rule is simple, if you are in a store and you see something which you like, pick it up and hold it in your hand for ten seconds, and think about whether or not you really need it. Once you start doing this you’ll be surprised at just how many things you put back on the shelf.


Many of us assume that grocery shopping is an absolutely necessary spend and whilst of course you do have to eat, there are some tips which can help you to lower the cost of your grocery shop. For example you should always take a list and don’t deviate from it, you should never, ever go into the store hungry, always look to use coupons or cashback and finally, look to buy in bulk for things which you will always need, a bigger spend now results in big savings later.

Staying In

Instead of going out with friends or family to restaurants or to the cinema, look to try and do more things in your house or theirs. You can have a great night playing board games, watching movies or enjoying some great food at home, which will greatly reduce how much money you are spending on your social activities. Just because you are trying to save some money doesn’t mean that you have to completely forego your social life.

Try these tips this year and get that bank balance back on track.