We use necessary cookies that allow our site to work. We also set optional cookies that help us improve our website.

For more information about the types of cookies we use, and to manage your preferences, visit our Cookies policy here.

Cookie settings

Achieve your New Year's resolution to save money with Thrifty Londoner

Young person online shopping

New year, new thrifty you!

It can be tough to put cash away every month, but if your goal for 2022 is to get better at budgeting, or you want to save your hard-earned pennies for a big investment such as a holiday with your friends, the latest gadget or a new outfit, Thrifty Londoner is here to help!

Thrifty Londoner (also known as Laura!) is passionate about finance, and believes that anyone can get to a point of financial wellness - even while living in the most expensive city in the country!

Read on to find her tips on how to become a savvy saver, or take a look at her advice on saving cash while studying at university.

Read her tips below and test your knowledge in the quiz.

Thrifty Londoner (1).jpg

Thrifty Londoner's tips to save more money this 2022

Pay into your savings as soon as you're paid

When you're paid and your salary lands in your current account, it can help to move a chosen amount into a savings account straight away. This will avoid any temptation you might have to spend all of your earnings before your next payslip.

You can do this by setting up a direct debit or a standing order via your online banking account. Make sure it's an achievable amount that isn't going to leave you out of pocket though!

Find out more about managing your money.

Find advice on receiving your pay.

Debit card

Start a sinking funds

A sinking fund is when you intentionally set money aside for a big financial expense, such as an essential car repair or dental treatment. If you don't have a sinking fund set up you may be forced to pay for it through other means, such as your emergency savings account or a credit card.

But what's the difference between a sinking fund and a savings account? With a sinking fund you have a specific purchase that you are aiming towards, whereas a savings account usually focuses on a goal you want to accomplish or a life experience you want to have.

Find out more about credit cards.

Saving money

Use a budgeting app

By downloading a budgeting app, you can stay in control of your finances and keep a close eye on what goes in and out of your account. Here are some suggestions:


This free app lets you see all your accounts in one place to track spending and puts your buys into categories. You can set budgets and it helps you remove unnecessary subscriptions by highlighting your regular payments.

Money Dashboard

This is also free to download and allows you to set multiple budgets for different categories of spending. It also lets you know if you're overspending and helps you set future goals.


Monzo is a digital banking app, but it has plenty of budgeting features such as rounding up outgoings to the nearest pound.

Starling Bank

This is a digital bank with lots of great budgeting features. It gives real-time updates to help you track daily spending and puts pennies into a savings pot by encouraging to round up purchases by two, five or ten.

Online banking

Display your savings goals somewhere you'll see it

Whatever it is you're budgeting for, being able to visualise it will only help in achieving that end goal! Create something to remind you why you started saving in the first place and put it somewhere you won't be able to miss it, such as:

  • A lock screen on your phone
  • A photo on the fridge
  • A screensaver on your laptop
  • A poster on your bedroom wall.

Girl with phone

Complete a savings challenge

There are plenty of money-saving challenges out there to make the idea of budgeting a bit more enjoyable and within your grasp. Why not try one of the ideas below?

Save £2,022 in 2022

If you can afford to, you could put away £168.50 every month (or £38.89 a week). After 12 months you'll have £2,022 to put towards a home deposit or in case of an emergency.

The penny challenge

Start off by putting 1p into a piggy bank or a savings account and increase the amount by another penny every day. So day one will see you put in 1p, day two will be 2p, day three 3p and so on. Over one year you'll save £668, which could pay for an awesome holiday!

Say 'NO' to spending

Pick a month in which you say 'no' to everything but the bare essentials, such as groceriess and travel expenses, and cut out all unnecessary spending. You'll have to be very disciplined as it could mean waving goodbye to:

  • Takeaways and coffees
  • Beauty treatments
  • Clothes that aren’t essential
  • Trips to the pub...

...But it could be worth it when you see your bank balance at the end of the month!

Saving money

More topics