We all know what it feels like in January when we are broke and exhausted after Christmas. Too much money has been spent on food, drink and plastic rubbish to fill the kid’s stockings. So rather than waiting for January 1st, think about changing those habits could financially impact you for the better, now.
- Prepare for Christmas NOW. Money Saving Expert states that Christmas can cost a family approximately £650. By spreading this cost, it will impact on your January blues. Buy wrapping paper and cards now.
- Putting aside £50 a month now is easier than spending the whole of your December pay packet.
- Research getting cash back from any loans, credit cards or PPI. If you do not have the time to do this yourself then there are plenty of companies that offer a no win no fee policy. They take a higher percentage but it will save your time and could potentially put money back into your bank account that you would never have had.
- Keep a simple diary of what you spend as a financial health check. If you are spending more than you earn, then it’s time to turn it around and look at repaying debt so you are not paying out high charges or late fees and fines. Look at your expenditure over the course of the month and see where you could reduce your outgoings.
- Look at changing your bank account, some banks offer cash back on transfers or a cash incentive to move to them.