What to do now to get your finances ready for 2027 

Aileen Robertson, Tesco Bank’s Head of Savings, has shared ways soon-to-be-wedded couples and newlyweds can build healthy savings habits and step into 2027 feeling more confident about their shared futures! 

Aileen Robertson, Head of Savings at Tesco Bank, comments: “The start of a new year often feels like the perfect opportunity for a fresh start, with people embracing resolutions and looking to turn over a new leaf. But creating new habits can take time as people settle back into their routines, and sometimes those good intentions never quite get off the ground. 

“If you’re trying to stay on top of your finances in 2027, taking small steps now can make that journey much easier. It’s important to remember that it’s never too late, or too early, to start working towards your goals. Setting them is the first step, whether they’re big or small, so think about what you want your money to do for you. From here you can start to work towards your goals, building good savings habits along the way, and see your money grow over time.” 

Aileen shares her top tips on managing your finances and getting in the best financial shape in 2027. 

Budget, Budget, Budget 
Creating a budget is a great place to start when it comes to managing your money. Plan how much you’d like to spend per month on weekly essentials, entertainment, or ‘nice-to-haves’, and pop it all into a planner. You can jot this down on paper or use one of the many apps out there to help you. Getting this admin out of the way now gives you plenty of time to build good habits before the New Year, putting you in a strong position when January rolls around. 

Identify what cutbacks you can make
Set some time aside to review your spending over the past year and think about where you can make savings. Do you have any subscriptions you don’t really use or have forgotten about? Can you negotiate a better deal on your TV or mobile phone package, or make better use of any loyalty rewards or discounts available to you? Any money you save can then be put towards the financial goals you’ve set yourself. 

Don’t let sales derail your plans
Sales can be a great opportunity to save money on items you were already planning to buy, but they can also encourage unnecessary spending. Before making a purchase, consider whether it fits within your budget and financial goals. If you're one of the 18% of Brits who admit to "doom-spending" - using shopping as a way to cope with stress, anxiety or uncertainty - leave items in your basket and come back to them a few days later. Taking a pause can help you avoid impulse purchases and keep your finances on track ahead of 2027.

Ringfence your essential spending
Make it a priority to get your essential costs covered before all else. With 21% of Brits unsure how to best prioritise their savings alongside day-to-day living costs, it can help to create separate spending pots for necessities like your weekly food shop, rent or mortgage payments, and household bills. Set aside this money first and aim to leave it untouched. You can then allocate any remaining money towards other spending and saving goals, safe in the knowledge that you can meet your necessary spending. Also consider setting up an automatic transfer into savings on payday so you're consistently putting money aside before you're tempted to spend it elsewhere.

Give your savings a purpose
Around two-thirds (66%) of Brits have earmarked their savings for something specific, such as a holiday, a home, a special celebration, or a new car. Having a goal in place can make it easier to stay motivated and build consistent savings habits. Spend some time thinking about the things you want to achieve in 2027. This might be a personal goal, something you’re working towards with a partner, or even a shared goal with friends or family. These don’t have to be major financial commitments. It might be adding a little extra to your savings at the start of each month, starting to save for your children’s future, managing your debt or building an emergency spending pot. Whatever it is, having a target in mind can help give your savings a sense of purpose and keep you on track.

Small savings can add up
You might not think saving small amounts of money will add up to much, but consistent saving can make a considerable difference over time. Putting aside what you can afford, no matter how much or little, is a great habit to form. A simple way to get started is with a penny saving challenge: save 1p on day one, 2p the next day, 3p the day after, and so on. After a year, this could add up to a total of £667.95. By putting this into a savings account, any interest could help grow your savings pot even further. 

Build an emergency fund
Unexpected expenses can happen at any time, whether it's a broken appliance, car repairs or an unexpected bill. Building an emergency savings pot, even gradually, can provide valuable peace of mind and help reduce reliance on borrowing when life throws up surprises.