Education

Financial new year’s resolutions to get on the property ladder in 2026

12 December 2025

The start of a new year is the perfect time to think about getting on the property ladder. And if you want 2026 to be the year you finally move into your brand-new Shared Ownership home, it’s time to start thinking about your financial strategy and goals. 

While Shared Ownership is often much more affordable than buying or renting privately, you still need to be financially savvy to save up for things like a deposit and mortgage payments. To help you on your journey, we’ve compiled some of the best financial new year’s resolutions that you can put into practice – getting you on the property ladder sooner than you might think.   

1. Set a realistic monthly budget

First things first, look ahead and pick a target date you’d like to move into your new home – or at least begin the process of reserving a Shared Ownership property. This gives you a timeline on which you can start planning your savings goals. 

Next, work out a monthly budget – which includes savings – that you can realistically stick to. The average amount we save per month in the UK is £226, but this will vary for everyone, and trying to put away hundreds of pounds might not be realistic if you have other financial commitments. Work out the maximum that you can save while still remaining comfortable, and stick to it. 

This is the most basic financial resolution for the new year that you can have, but arguably the most important.  

Pro Tip: Track your budget in a spreadsheet, using simple calculations to work out your income against your monthly expenditure. That way, if anything changes along the way, you can make adjustments to your figures and still have complete transparency over your spending.

2. Carry out a personal financial audit

Do you really need that meal subscription service that you’ve not used in months? Will having five streaming services help you find the right movie to watch on a Friday night? 

Lots of our creature comforts are justifiable, but we all pay for things that, realistically, we probably don’t need. In fact, a fear-of-missing-out (FOMO) lifestyle is a major barrier to saving for 12% of young people in Britain, and it’s preventing people from putting aside money that’s instead being spent on unnecessary things. 

Let’s fix this. Take a look back through your expenses for the past few months (or entire year, if you’re feeling brave), and identify all of the instances you overspent unnecessarily. Make a note of these, and track this somewhere that you won’t forget. 

This might sound simple, but by laying out your personal spending habits so clearly, you can understand what barriers are getting in the way of your savings goals. 

Pro Tip: Many banking apps will allow you to set individual alerts for spending categories, so you’ll be notified when you’re hitting that month’s limit. Try this for things like meals out or leisure activities, so you’re aware of consistent overspend. 

3. Look into an ISA

One of the most common ways that people bank their savings is with a cash ISA. Whether you’re unfamiliar with how this works or you’ve not tried it for yourself, 2026’s financial new year’s resolution could be to change that. 

Essentially, a cash ISA is a tax-efficient way to save money. The interest on these types of accounts isn’t subject to UK income tax, so you could potentially earn more from your account’s interest than from a standard savings account. 

With cash ISAs, there are a few things that you should keep in mind: 

• You have a total annual allowance of £20,000 across all of your ISAs, which resets with the tax year (though this is falling to £12,000 per year from April 2027, if you’re aged 64 or under)
• Some fixed-term ISAs have limits on withdrawals, and your interest rate may be impacted if you don’t follow these
• Different interest rates can be obtained, so it’s worth shopping around every year

Pro Tip: While building up your savings habits, consider looking into a stocks and shares ISA, too. These are potentially more volatile due to market activity, but can be beneficial for long-term savings goals. Between 2023 and 2024, stocks and shares ISAs accounted for 58.6% of ISA market value in the UK, totalling over £511 billion.  

4. Get on top of outstanding debt

Trying to tackle your financial new year’s resolutions can be tricky if you have unresolved debt hanging over your head. You might feel like you can’t work towards a house deposit if you have existing payments that need to be cleared first. 

It’s not an easy task, but getting on top of your debt is vital if you’re going to move towards financial security. One of the best ways to do this is by consolidating your debt into one manageable payment – in fact, some estimates suggest that UK consumers could save £1,257 every year by consolidating ‘unoptimised debt’ (e.g. debt where you’re paying more interest than necessary). 

If you’re not sure where to start, speak to a financial adviser or your bank to get on the right course. 

Pro Tip: Reducing the number of loans you have won’t just help your financial situation, but also your mental health. Don’t be afraid to ask for help if it all feels overwhelming – the Government has collated a range of resources to help individuals struggling with debt. 

5. Understand your credit score

A credit score is an important metric when trying to secure a Shared Ownership mortgage, but first-time buyers might not know what their score even is. For 2026, make this your financial new year’s resolution.  

First, learn what your credit score currently is. You can use services like Experian to find out where your score currently sits, and it’s important to understand this baseline to know where you should go next. The average credit score in the UK is around 790, though this will differ a lot across households. 

If your score is low, don’t despair. There are a number of ways to improve your credit score, and some mortgage lenders will even offer low-credit-score mortgages that could help you get onto the property ladder by reviewing your specific situation on a case-by-case basis. If you need tailored advice, speak to a financial advisor who can help you get your score back on track. 

Pro Tip: Once your credit score is climbing, never take a larger loan than you can afford to pay back. This will avoid falling into bad habits that can get you in trouble.