Making New Year's savings go a long way

For many of us, Christmas is a time to eat, drink and spend plenty of quality time with the family. Yet it can also be an expensive time of year, which can put a strain on the family finances come January. It’s no surprise, then, that saving can fall to the bottom of the priority list at this time of year - but saving needn’t mean huge sacrifices, and small amounts can add up to larger chunks of money over the long-term.

We conducted a survey to find out how much Brits planned to spend during the Christmas period, and from this discovered just how much your family could potentially save by cutting back.

Ways to save

The cost of Christmas

Among the 92% of Brits we found who celebrate Christmas, the average Christmas spend was £4201.

  • Presents: £300
  • Food: £80
  • Meals out: £30
  • Christmas cards: £10

It's understandable that so many of us want to get the New Year off to a good start by keeping an eye on our spending. But cutting back doesn’t necessarily mean putting the brakes on savings. Whether you’re thinking about helping your child out with their university tuition fees, getting them on the property ladder, or helping them embark on the trip of a lifetime, you’ll be glad you stuck to saving when you see the results.

Saving money in 2016

Many people make savings resolutions for the New Year, but sticking to them is often easier said than done. OneFamily has put together a few tips for how you can keep saving in 2016:

Saving money in 2016

Many people make savings resolutions for the New Year, but sticking to them is often easier said than done.
OneFamily has put together a few tips for how you can keep saving in 2016:

Socialising and meals out

36% of the people we surveyed1 head out for meals over the festive period. A good way to save money is to check out some of the deals available on sites such as Groupon and Living Social. As the hospitality industry slows down after Christmas, plenty of restaurants, bars and cafes discount their prices in a bid to attract more customers.

Cutting out alcohol

As well as being good for your health, there are some solid financial reasons to give “Dryanuary” a go for yourself this year.

Throughout the UK, the average man drinks up to 21 units of alcohol a week, while women drink up to 144. With the average pint of lager – the drink of choice for 62% of male drinkers4 – costing £3.105, that adds up to over £30 per week, or over £1500 per year.

By joining thousands of others quitting alcohol in January, you’ll be able to save some money in the opening weeks of the New Year, which might just help you get off on the right financial foot in 2016.


One of the best ways to save money on travel is to book in advance. The Trainline offers up to 43% off and Raileasy averages savings of 40%. If you’re really looking to save money in the New Year, it might also be worth looking into a railcard or season ticket - both provide excellent cost-saving options, so it’s definitely worth researching exactly what you’re entitled to.

Discover how investing small amounts could help your child over the long term

With OneFamily, you can invest in a Junior ISA for your child from as little as £10 per month – give our calculator below a go to see how much your child could get. Just remember, only your child can access the money and only on their 18th birthday.

The figures are a guide only, and we can't guarantee them. They're not a reliable indication of future performance. The amount your child gets back depends on how the investment grows. Stocks and shares can fall as well as rise so the child could back less than has been paid in. Also, the cost of living generally increases so the final amount may not buy as much in the future as it could now.

Slide to the amount per month you intend to invest

  • £50

Slide to the current age of your child


Amount your child could receive at age 18


    2% annual growth


      5% annual growth


        8% annual growth

        The results assume amounts for low (2%), mid (5%) and high (8%) annual growth levels. These figures include a deduction of annual management charges of 1.5% and additional expenses of 0.2%. Calculations are not exact and these charges may vary in the future.

        If you open a OneFamily Junior ISA, we'll send you statements twice a year to show you how your child's account is coming along.

        The OneFamily Junior ISA invests in stocks and shares, meaning its value can go down as well as up and your child could get back less than is paid in. Only the child can access the money in the account and only when they are 18 years old.

        Too many New Year's resolutions end up falling by the wayside. If you've made saving for your family's future one of your resolutions, don't keep it to yourself – let us know and we'll be happy to provide more information to help you stick to your goals!

        What are your tips for making everyday savings? Join the discussion on Facebook here:

        Note: Whilst we take care to ensure Talking Finance content is accurate at the time of publication, individual circumstances can differ so please don’t rely on it when making financial decisions.


        1. YouGov research commissioned for OneFamily

        2. Mintel Reports


        4. Health & Social Care Information Centre (PDF)


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