Thankfully, it seems many families have already got into the savings spirit this year.
New figures from the Office for National Statistics show that between April and June, household savings levels reached their highest proportion since 2010.
Some 7.4% of household resources was saved during the second quarter of 2011 on average.
Citing some of the reasons behind this increased focus on saving, the ONS revealed that small wage rises and improved social benefits have helped the situation.
The pressures savers face are greater than ever, in light of the Bank of England's record low base rate of 0.5%. Why not check out some of our money saving tips to help hold onto more of your cash?