The lows of January generally follow the highs of Christmas.
Not only is the weather gloomy, but individuals are dealing with the added burden of Christmas indebtedness on top of the ongoing cost of living crisis.
There are some suggestions to make January less challenging financially, but if you want more practical guidance, we spoke with a consumer expert about simple actions to consider.
‘A lot of people get paid early in December to help fund their Christmas, which is great at the moment, but it can sometimes leave us feeling like the next payday is miles away, which can be challenging, especially in today’s climate,’ said John Stirzaker of NetVoucherCodes.
‘January can be a difficult month for most people, but there are a few things you can do to alleviate financial stress.’
We’ve broken down the complete guidance and supplementary hints below…
Make a list, check it twice
Okay, Christmas has come and gone. However, we can still turn to Father Christmas for a money-saving tip.
When it comes to everything – supermarket shopping, monthly expenses – it’s a good idea to prepare a list and have everything in black and white.
This will not only help you avoid impulse purchases at the store, but it will also allow you to adequately plan for things like birthdays and social activities.
Budget your spending early on and just take out what you need, for example.
Cook in bulk
A little preparation can save you from ordering takeout or purchasing a ready-made meal if you leave it too late.
Cooking in bulk allows you to prepare meals that will last for several days. You can freeze your meals and take it out as needed, making it ideal for workplace lunches if you want to avoid meal deals, as well as leftover dinners in the evening.
Avoid unnecessary spending
Snack or treat preparation is similar to dinner preparation. It can be quite tempting to stop for a coffee on your way to work or to go out and get a quick pick-me-up when you’re feeling low on energy, but these can rapidly mount up.
You don’t have to deprive yourself of sweets, but modest changes can make a big difference.
Can you, for example, buy a multipack of your favourite fizzy drink or chocolate bar? You may then keep these on hand so you don’t have to pay a greater price every time you have a need.
Shop smarter
One simple answer is to avoid excessive shopping for clothes and luxury products that you can live without.
However, it is not always so simple, and if you must purchase something, try using price comparison websites or looking for discount codes.
You might also try if you can eke out a little something from your shopping. Cashback sites and rewards programmes, such as Virgin Red, allow you to get compensated for making a purchase.
These points can be converted into savings on things like concert tickets or experience days over time.
Take part in Dry January
If there was ever a year to think about going Dry January, 2023 might be it. With the cost of living crisis currently in full swing, cutting back on alcohol for a month might make a significant difference in your outgoings.
Not only will you spend less on alcohol, but boozing frequently results in other charges such as takeaways, hangover meals, cabs and Ubers, and other impulsive purchases.
Sell unwanted items
Because everyone is in similar financial situations in January, social plans tend to slow down, giving you some free time to sift through and get rid of any undesirable goods.
And perhaps you received stuff for Christmas that could be used to replace other items you own. Selling these online is an excellent way to get some additional cash in January.
Don’t be lazy when it comes to returning online goods
It’s something we’ve all done. You purchased anything from ASOS, Amazon, or another online retailer. It arrives, but it isn’t quite right. It doesn’t fit, the colour is little off, and so on.
However, many of us may dither when it comes to filing a tax return because it can be time-consuming. And the item’s price may not have been that exorbitant to begin with. Even doing this a few times a year will quickly add up.
Return your internet purchases if you do not intend to retain them.
Check monthly subscriptions
Britons have been known to spend roughly £1.8 billion every year on unnecessary memberships.
Now is an excellent opportunity to go over your subscriptions and cancel any that you no longer use or need, or to put some on hold until your next paycheck.
Consider gym memberships, streaming services, and home delivery subscriptions.
Magazines are another important subscription to keep an eye out for. If you signed up for a print or digital membership, it will frequently renew at a higher price.
If you wish to keep your subscription, consider cancelling it and then resigning up with a lesser introductory price for ‘new’ customers (this is where having a couple different email addresses comes in handy!)
Don’t be tempted by January sales
January sales can be quite appealing, and you may believe that now is the best time to get a good deal. However, if you didn’t need it for Black Friday or Christmas, you probably don’t need it now.
Understand the true cost of ‘buy now, pay later’
Delayed payment alternatives may appear wise at the moment, but if you’re dubious you’ll be able to make the monthly payments for anything, you risk getting into further financial trouble.
From bad credit to debt interest, ask yourself if you really need anything you’re paying for in instalments.
Look for side hustles
You don’t have to run out and strain yourself, but there are several methods to get some additional money if you want to.
You can earn money by checking locally to see if individuals need babysitters, fixing torn garments if you can knit, or offering to be a hired hand to transport heavy items.
There are also services like Rover, which will help you find ways to get paid to walk dogs in your region or board them when their owners are away.
Tags: Cost of livingLifestyleMoney
