Make a mint with pound coins
It will soon be the end for the traditional round pound coin, as The Royal Mint will be producing the final batch this month. The new-look replacement will be brought into circulation in 2017.
Saving up your pound coins is a good idea to help you get into the savings habit. You could put your pound coins into a jar for motivation – there's something very satisfying about watching your money grow in front of your eyes.
If you saved a pound a day during 2016 you'd have a £365 bundle to start 2017 with.
What would you do with the money?
Pound coin challenge
At this time of year, it isn't uncommon to feel broke with the pressures of Christmas. Our research showed UK adults were planning to spend £530 on Christmas last year, of which £218 was on presents. If you started saving £1 a day from the beginning of 2016, you'd have a solid present fund to dip into come Christmas time next year.
Or should you be thinking of how you can protect what you currently have? The average home has contents worth £45,000 and a contents insurance policy costs on average £109 a year – a good use of some of your £365 kitty.
You could also put the money towards a family holiday, or home improvements. The possibilities are yours for the taking!
See where your money could be leaking away with our Budget Planner
Five ways to save £7 a week
Does it sound difficult? It doesn't have to be. Here are five ways to find £7 a week.
Swap shop-bought lunches – Popping out to get a sandwich can add up. Eat out once a week as a Friday treat and bring in packed lunches the rest of the time. This could easily put £7.00 back into your pocket.
Skip the Friday night pints – These days, a glass of wine or a pint doesn't come cheap. Skip one or two of these and you could easily have £7 for your kitty.
Switch to own-brands – Can you really taste the difference between own-brand products and branded products? Or is your salon-brand shampoo really worth the extra money? Switch things up and you may be surprised.
Shop in charity shops instead – We spend an average of £70.94 on our appearance a month, but taking a peek in charity shops instead could help you stay stylish and net a bargain
Subscription blitz – Subscriptions and direct debits can add up, and it's easy to let them slip without really considering whether you really need them. Think of your TV streaming service or magazine subscriptions – or even the gym. Do you really use them?
This article is provided by the Money Advice Service.
