Five Ways to Stretch Your Budget Without Giving Up Life’s Luxuries, by RACHEL RICKARD STRAUS

Most financial New Year’s resolutions are not fun. They involve giving things up, require endless restraint – and as a result are very difficult to stick to.

But here’s the thing. Many of the decisions that will have the biggest impact on your bank balance don’t have to be slogans. In fact, you could check them off your list today and then be ready for the rest of the year.

So before you decide to give up the occasional takeaway you really enjoy, or commit to giving up all takeout when you’re really looking forward to the odd Friday night fish and chips, consider one of these decisions.

And of course, cutting back on coffee and take-out is nothing to sneeze at, the savings can add up – and if you can do it, I applaud you.

1) Move your savings

Opening a new savings account used to be a hassle that involved paper forms and a visit to a bank branch. Now you can do it in minutes, from the comfort of your sofa. Pick one of the top picks from our savings guru, Sylvia Morris in our independent savings tables and away you go. Then you will earn more money in the background without having to do anything. And by moving your savings out of a stingy account, you can enjoy the satisfaction of knowing you’re no longer allowing your former stingy savings provider to profit off your hard-earned nest egg.

2) Set up a standing order in your savings account

If you really want to turbo boost your savings with minimal effort, set up a standing order in your savings account that will come out of your checking account immediately upon withdrawal. Saving is rarely easy, but this is about the most painless way to do it because the money leaves your account before you get used to it – or before you can spend it.

You can set up a standing order in your online banking account. You just need the name on the account you’re sending to (probably your own), the sort code, the account number, how much you want to pay and what day of the month. If you are not sure how to set it up yourself, ask for help at a bank branch.

3) Increase your retirement contributions

Ask your employer if you can increase your monthly pension by a percentage or two – whatever you think you can achieve. It will decrease a bit in the short to medium term, but it will make a big difference to your lifestyle when you retire.

Adding another percentage point can increase the size of your pension by a quarter by the time you retire, according to data from financial firm Wealth at Work. For example, if a 25-year-old earning £40,000 a year paid the minimum allowable amount of 5pc into her pension and her employer paid 3pc, she would have £198,683 by the time she retires at 68. But if she paid in an extra 1pc – and her employer matched it – she would have £248,353 – an increase of £49,670, assuming a 5pc return on investment after fees.

4) Write a will

Wouldn’t it feel good to have that checked off your to-do list? You’ll save your loved ones so much heartache by making sure you communicate your wishes should the worst happen.

Most people put it off for years, but it’s probably simpler than you think. If your finances and circumstances are simple, you may not even need a lawyer. The charity Citizens Advice has a good guide to getting started here: www.citizensadvice.org.uk/family/death-and-wills/wills/

5) Open a stocks and shares Isa

If you have savings that you probably won’t need for a good five to ten years, consider investing them instead of leaving them in a savings account. You’ll likely earn more money from investment returns than from savings interest. It may sound scary, but getting started is simple. Start here with my six golden rules.

6) Read Money Mail every Wednesday and Wealth and Personal Finance in the Mail on Sundays

Here at Money Mail we also make some New Year’s resolutions. As we enter our 59th year, our commitment to you has never been stronger. We promise to bring you everything you need to know to save more, earn more and squeeze every last drop of value out of your hard earned cash.

In these pages and in Wealth & Personal Finance in the Mail on Sunday, we will fight your case when banks, companies, organizations and government departments treat you unfairly. We’ll alert you to the latest scams as soon as we hear about them so you can be on the lookout. We will reveal the latest investment trends, savings offers and techniques to help you grow your wealth. And we’ll answer your burning questions with the help of our award-winning team of financial and consumer experts.

Now, as always, we can’t do it without your help. We appreciate every letter, e-mail and comment from readers. If you have a dispute with a company that makes you feel like you’re banging your head against a wall, have a question for our consumer attorney Dean Dunham, have a company you want to call out—or praise—get in touch. Moneymail@dailymail.co.uk. The entire Money team wishes you a very happy and prosperous new year.