The New Year is fast approaching, and the number one hot topic is New Year’s resolutions – and one of the most popular resolutions is to save as much as you can or to start the year with a goal. With this in mind, OnlineMoneyAdvisor.co.uk were eager to find out how we can save money as we approach 2022.

Utilising TikTok, in-house experts discovered the top three most viral videos – by analysing views and likes – that offer tips and tricks to save as much money in the new year as possible.

OnlineMoneyAdvisor.co.uk also provides 5 vital tips on how to stay financially aware during the festive season so the new year is a little more stress free.

The Cash Stuffing Method – 10m views and 1.2m likes

https://www.tiktok.com/@stephtalksmoney

The ‘Cash stuffing’ method has blown up on TikTok, with over 230 million views for the search term #cashstuffing. You simply purchase a cash wallet and label all the sleeves with your saving categories. This can range from bills, goals and holidays to luxuries you may want such as clothes and shoes. When you get paid or receive any type of money, you split this between each category. It’s a simple hack but also a fun one, making you feel ahead of the game and organised!

The Savings ‘Ladder’ – 3.5m views and 704.7k likes

https://www.tiktok.com/@jandralee

TikTok star @jandralee created this viral video of a simple saving hack – that is more like a reward scheme! Instead of saving a certain amount and putting it away each month, Jandra adds a twist: choose a reward that you want to get yourself, and multiply the price of it by 2, 3 or 4 (depending on how much you want to save). So, for example, if you want to purchase Apple Airpods with the RRP of £119, you could multiply that amount by three, giving you £357, this way, you purchase the Airpods and have an impressive £238 saved. Jandra boasts that you start with small rewards and build it up over time, meaning you continue to climb the savings ladder.

The 100 Envelope Challenge – 1.3m views and 153.7k likes

https://www.tiktok.com/@budgetsmatter

The ‘100 Envelope Challenge’ posted by @budgetsmatter can save you £5,000 in just 100 days, or can even be stretched out over the entire year to maximise savings. Firstly, you’ll need 100 envelopes, each marked 1 to 100. Then, place all your envelopes into a box, and every day for 100 days – pick out an envelope and place money inside, based on the number written on the envelope. For example, if the envelope is marked with 10, you place £10 inside the envelope. If you stick with the challenge for the full 100 days, you should have saved an impressive £5050!

In addition, OnlineMoneyAdvisor.co.uk provided expert advice on how to financially prepare for after the festive season:

1. Make a budget in the New Year

“Take the time to think carefully of all the things that you will need to buy in the new year and research their costs. Budgeting means that you know exactly how much you need to save and won’t be met with any nasty shocks when you next check your balance.”

2. Be wary of ‘buy now pay later’ options in 2022

“Whilst in the moment buy now, pay later options may feel like the perfect solution, if you’re not careful, they can cause major financial problems down the line. Despite some retailers offering an interest-free period, once that ends interest rates can increase significantly and be difficult to keep up with. UK shoppers have amassed over 4 billion in debt related to buy now pay later schemes – with the average debt per person sitting at £538. Not only that, but missing payments on these schemes can have a negative impact on your credit score, which can affect you when attempting to purchase credit in the future – such as a mortgage, phone contract or car finance, and may lead lenders to turning you away.”

3. Think carefully when it comes to sales

“Retailers know exactly how to draw us in when it comes to sales. The massive price drops and discounts can be very appealing, but if you end up buying things you wouldn’t have otherwise if not for the sale, you haven’t actually saved any money.”

4. Designate a no-spend day once a month

“A great tip is to nominate one day each month where you spend absolutely nothing. This could mean making all your meals from the ingredients you have at home or not going out but making a nice, relaxing evening at home. Once this is something you are used to, you can increase this to two or three days a month – saving you much more than you think.”

5. Get savvy with your savings

“If you haven’t already, getting a tax free ISA account is a great idea. You can put money into a cash or investment ISA. You’ll get more the longer you are prepared to leave the money untouched – GOV Individual Savings Accounts have all the information you may need for these saving accounts. The good thing about these accounts is that you don’t need a lot of money to start investing, nor do you need to be an expert. Some investment apps, such as Moneybox even let you begin with just a few pennies by rounding up your loose change every time you spend!”