As another year dawns, many will be thinking about how to improve their financial well-being in the year ahead, from saving more and reducing debt, to improving their credit scores.

Equifax UK data1 reveals a clear seasonal uptick of consumer spending in November and December, including across jewellery, fashion, health, beauty and groceries, and with rises of over 50% and 30% in toy shop and electrical store spend respectively.

This is followed a sharp new year reset. Average supermarket spend drops to £202 in January, below December highs and the £221 rolling monthly average, while credit card applications rise by 23% as consumers proactively try to smooth out their seasonal spending habits2.

However, without a clear strategy on new year financial resolutions, well-intentioned goals often falter within weeks.

Craig Tebbutt, financial health expert at Equifax UK, said: “A new year offers a great chance for a financial refresh, with consumers often taking this moment to reset their spending and credit habits. Everyone deserves to achieve their financial aspirations, and we want to help consumers ensure the best intentions become tangible progress – whether that’s saving for a special occasion, getting mortgage ready, or however else living their financial best looks for them.  

“Regularly checking your credit score is a valuable practice that, contrary to popular myth, does not harm but rather helps you keep on top of your financial health, spot potential fraud, and understand how lenders see you before making an application. Meanwhile small steps like reviewing your direct debits and sticking to a budget can all go a long way to making those 2026 resolutions a reality.”

To help consumers kickstart their financial year with confidence, Equifax UK offers the following top tips:

1. Create a realistic budget: This is about control not restriction, helping you allocate funds effectively, identify areas for potential savings, and stay on track. Start by gathering all financial information – payslips, statements, bills – to understand your income and expenditure. The Equifax ‘How to Budget Your Finances’ guide emphasises tracking both regular and one-off spending.
2. Debt vs saving: Prioritise paying off higher-interest debts before significantly building savings for a stronger financial foundation.
3. Get into the habit of monitoring your credit score and report: This provides a vital snapshot of your financial health, how lenders might view you, as well as helping to spot potential fraud. You can access your credit score for free with Equifax Basic.
4. Understand what impacts your creditworthiness: For example, showing you can use a credit card responsibly might help improve your credit score – but be sure to at least make the minimum monthly repayment to avoid fees, penalties and damage to your score. It’s also wise to keep a low credit balance, as using a large portion or all of the available credit might signal to lenders you are financially stretched.
5. Automate savings and payments: Help stick to savings goals by removing temptation and setting up automatic transfers to savings accounts, as well as direct debits for recurring bills, such as your credit card, to make sure you never miss a payment.