January Tops List as Financial Pressure Mounts for UK Households Seeking Savings

Households across the UK are feeling the pinch this January more than ever before. Rising living costs, alongside increased energy and food bills, are leaving many consumers struggling to avoid debt during what is widely regarded as one of the most challenging months of the year.

New research from Tiger.co.uk reveals that 40% of people in Britain view January as the most financially stressful month, while almost half (48%) are actively searching for ways to reduce spending. Meanwhile, 16% admit they are unable to stay out of debt.

In response, savings specialists at Tiger.co.uk have identified three practical approaches to help households cut costs in the new year and ease the financial hangover from the festive period.

Tiger.co.uk’s three R’s for getting through January

Reduce:

• Limit use of immersion heaters where possible, as electricity is typically around three times more expensive than gas, making gas or oil a cheaper option for heating water.

• Switch appliances off at the wall when not in use, as devices left on standby could be costing the average household up to £630 each year.**

• Review direct debits carefully and cancel any non-essential subscriptions, including festive TV services that may no longer be required.

Reuse:

• Wear clothes more than once where appropriate to reduce washing and tumble dryer use – opting for a 30-degree wash could cut energy use by up to 40%.

• Check online voucher and discount sites to see whether additional savings are available before making purchases.

• Generate extra income by selling unwanted items or clothing online using apps designed to make reselling simple.

Rethink:

• Make greater use of microwaves or air fryers, which are cheaper to run than conventional ovens, and can significantly reduce cooking costs.

• Replace traditional light bulbs with LEDs, which can save around £13 per bulb each year on energy bills.

• Review how competitive current suppliers are for gas, electricity, phone and broadband, and explore whether switching or renegotiating could unlock savings.

Savings expert and Managing Director at Tiger.co.uk, Ian Wilson, said:
“January can be a stressful month for most families, finances are often tighter than ever after the festive spending and the cold temperatures usually mean it’s a big month for heat and energy usage.

“However, the start of the new year can also be a good opportunity to review budgets and plan out how we’re doing to cut waste and find savings for the year ahead.

“That’s why our team of savings experts have done some additional research to try and find ways households can reduce, reuse and rethink how to put more money back in pockets.

“From making frugal decisions with energy, to cancelling unnecessary direct debits plus adopting some of our simple tips, it could make these money saving measures second nature and even help towards creating long-term savings.

“One of the best ways to save is to never auto-renew insurance policies – use price comparison websites to shop around for competitive prices and make sure you’re not over or under insured by checking the policy details are actually what you need.”

Tiger.co.uk helps consumers take charge of their finances by identifying practical ways to save money and make smarter financial choices.