The start of a new year can bring with it new possibilities and positive changes. But January can feel like an emotional and financial hangover. So, when it comes to that inevitable time, when we have to put away the Christmas decorations (and the Holiday cheer), here are some top tips to get your bank-balance off to a good start in 2023.
It can be a long, slog between an early December pay day and the end of January. Overspending, particularly early in the month can be tempting, leading to overdraft fees or credit card charges. But not to fret. There are some simple changes you can make which can have a big impact on your outgoings. Have a peek at our ‘how to budge guide’ to find the right budget for you.
For what January lacks in socialising, it makes up for in free-time. Making it a perfect opportunity to review your finances. Have a look at what options are available, from switching your current account and savings accounts to broadband and energy providers.
Some banks will offer hard cash to switch your current account over and savings accounts have preferable rates right now for both easy access and fixed term ISAs and bonds. Have a look at Hodge rates if you if you have a long-term savings goal.
The new year is a great time to have a clear out, decluttering from Christmas can be mentally cleansing and a potential way to make a little extra cash by selling any unwanted items.
Safe, online auction houses and marketplaces such as eBay can make selling goods relatively quick and easy. And, if you can manage without the extra funds you make from selling in January, you could deposit the money into an easy access savings account, topping it up after a sale.
If you have a savings goal in mind, January can be a tough month to start topping up the savings pot. Less disposable income stretched even further is a balancing act, but with an adjusted budget and some planning, you might still be able to add to your savings. If you are hoping to save little and often we have some helpful ways you can keep to your saving goal.
Planning your weekly spend, shopping smarter and sticking to your budget could help you to spend within your means over the long January stretch but also bed in changes you can keep in place.
A little planning can quickly see the pennies adding up. If you are planning on big purchases, shop around for the best price to make the most of January sales. Swap big name brands for supermarket own brands. Take a month off takeaway coffees and lunches and instead, make your own. You will be surprised at how much these small changes to your spending can affect your bank balance.
No matter what your financial circumstances, there is always somewhere you can go to receive financial help. If you have money worries, talking is the first step and can start you on the right path to help reduce stress, manage your finances and reach your goals. Money Helper gives you free, impartial guidance from debt consolidation to pensions and retirement, you can also find information on our ‘how Hodge can help’ hub.