Not only do the Christmas holidays hit us hard in our bellies and in our livers, but they also hit us hard in our pockets. It can be easy to overspend over the festive period but when January comes, we can start to feel the pinch, penny wise. Is it just us, or does it feel like an eternity to wait for payday at the end of the month?!
That being said, there is plenty you can do to make your money stretch further this January, and beyond.
We’ve put together some tips to help you survive the toughest of months:
- Start budgeting
Managing your money well is all about careful planning. It’s so easy to spend more than you have coming in which inevitably leads to credit card charges and overdraft fees, but to avoid failing into these traps, you need to start budgeting. Budgeting is a great way to shed light on bad spending habits and keeping on top of what you’re spending. It also helps you to save for unexpected costs and focus on your financial goals. The Money Helper budget planner is a great tool to help get you started.
- Check for better deals on your utility bills
Not only is this time of year good to review your personal finances but also consider whether you’d be better off switching energy providers. Tariffs and pricings are forever changing and increasing, especially in the current economic climate, so you want to make sure you are on the best deal out there. That might mean switching to a new supplier or getting a better deal with your current provider. Price comparison websites are a great way to help you compare deals across a range of suppliers.
- Sell your unwanted items
With all the new purchases and gifts received over Christmas, how about having a New Year clear out and raising some extra cash by selling your unwanted and discarded items. As Tesco says, every little helps, and during January every penny will count towards your bank balance. Getting rid of your clutter online via Facebook Marketplace, eBay, Shpock or Depop (and many more), has never been easier.
- Ditch dining out
Buying lunch out or heading for dinner with friends can really eat into your savings. The same goes for takeaways – they are a nice treat now and again, but it can easily become a habit relying on them when you’re short of food in the fridge. Instead, why not try to plan ahead in regard to mealtimes, by buying fresh ingredients in bulk, cooking large batches and freezing them. This will help to save you money and time in the long run.
- Quit bad habits
We all have good intentions when it comes to setting New Year’s Resolutions, whether that be kicking starting your fitness with a new gym membership or learning a new skill or hobby. But if you set yourself a resolution as something so simple as quitting smoking or drinking, it will not only will it be better for your health, but it will also have a positive effect on your bank account. These expenses can easily eat away at your disposable income which would be better placed elsewhere, for instance, the money you spend on cigarettes could go into a holiday fund or savings pot.
We hope this has given you some ideas of how to kick start your 2022 with a positive outlook on looking after your finances. If you have a success story to tell us about or some additional tips to share, drop us a line over on Facebook or Instagram!
My Debt Plan are experts in providing debt solutions and support, so if you are struggling with your finances and need debt help, get in touch for ethical and fair advice today.
