Juggle Without the Struggle

New Year, healthier family finances - get on top of your money in 2025.

Article: Juggle Without the Struggle

Date published: January 2025

January can be a tough month for your finances. You might be paying off festive spending and be at the peak of heating bills. And you’re probably spinning plates right now as you settle back into the routine of school and work, it’s a lot to juggle. So, to help, we’ve gathered a few tips to help you reset your finances for the year ahead.

Start with a Financial Reset

The beginning of the year is an ideal time to reassess your financial situation. If you're among the 49% of people who have made a New Year's resolution to save more1, you're not alone. Being organised can bring a sense of calm and control to your family's finances.

Plan for the holidays

It’s never too early to plan for the school holidays. Half-term and Easter will be here before you know it, and if you need to book the kids into clubs you need to plan ahead. The average cost of holiday childcare is £175 a week in Britain2. That’s no small change.

To prepare, it’s good to check you’re getting all the financial help on offer. Tax-free childcare can be used for after-school and holiday clubs, but not everyone knows about this, and all the other childcare options available.

Check out childcarechoices.gov.uk to find what support is available.

Budget like a pro

Now’s a great time to review your finances and make a budget. It can help show where your money’s going and spot places to cut back or save, it doesn't have to be a daunting task. Here are some tips to make it easier:

  1. Set a Budget: make sure it includes all your fixed costs, such as housing, childcare and utilities, as well as more flexible expenses like groceries and entertainment. Use this budget to guide your spending decisions.
  2. Review your Spending: Take a close look at your spending over the past few months. Identify if there are areas where you can cut back. Our Spending Insights tool can help you track your spending by category or retailer, making it easier to look back and review your spending habits. Why not review your debit card subscriptions and block or cancel any that you no longer use.
  3. Plan for Upcoming Expenses: Anticipate any upcoming expenses, such as school holidays or birthdays and events. Knowing what's ahead can help you allocate your budget more effectively.

Balance the budget: Your to-do list

  • Make a budget.
  • Make sure you’re signed up to tax-free childcare.
  • Review last year’s spending and check subscriptions.
  • Plan for upcoming expenses and events.
  • Use our budget calculator to put it all in one place.

 

 

 

 

Small change, big gains

It’s true what they say… take care of the pennies and the pounds will look after themselves.

Saving money can sound daunting when you have so many bills coming out. If you can make small changes in your spending habits it could be channelled into savings.

Beyond the fixed costs of your home, childcare and the usual bills, look at all those extra costs.

For example, people are changing the way they spend in supermarkets - opting for better value own-label goods, and loyalty schemes also offer great discounts, so lots of shoppers sign up to as many as they can.

Another small step to saving money is to round up your spending to the nearest pound. Then put the difference in your nominated Lloyds savings account. Our handy Save the Change® feature can do this automatically when you spend on your Lloyds Bank debit card. Start small and watch that money grow over time. This could be put towards pocket money, birthdays, school uniforms or anything else to lighten the load. Win win.

Pro tip: Round up the change and watch your savings grow

Time period

Average monthly round-up savings of £10

Average monthly round-up savings of £15

Time period

1 month

Average monthly round-up savings of £10

£10

Average monthly round-up savings of £15

£15

Time period

6 months

Average monthly round-up savings of £10

£60

Average monthly round-up savings of £15

£90

Time period

1 year

Average monthly round-up savings of £10

£120

Average monthly round-up savings of £15

£180

Time period

3 years

Average monthly round-up savings of £10

£360

Average monthly round-up savings of £15

£540

The table is an illustrative example of how much you could save every month based on your average round up total. This does not include interest applied to the round up balance.

Keep calm, carry on

We can’t wave a magic wand. But we can help bring more calm to your finances in 2025 so you can focus on what truly matters – enjoying time with your family. 

If you’re worrying about money, don’t go through it alone. Visit our money worries page for help and advice.

Save the Change® is a registered trademark of Lloyds Bank plc.

Our app is available to customers with a UK personal account and valid registered phone number. Minimum operating systems apply, so check the App Store or Google Play for details. Device registration required. Terms and conditions apply.

Lloyds and Lloyds Bank are trading names of Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

This information is correct as of January 2025 and is relevant to Lloyds Bank products and services only.

1 https://yougov.co.uk/society/articles/48223-what-new-years-resolutions-are-britons-making-for-2024

2 https://www.coram.org.uk/resource/holiday-childcare-survey-2024/