Five money management tips for the New Year
Christmas can be hard on our finances. Spending money on presents for friends, family, and multiple Secret Santa’s. Fun events like Christmas parties and winter-themed days out. House decoration, party food, mulled wine… the list goes on.
Then January arrives and people are feeling stressed and worried about money.
Stats show the average person in the UK gets into £439 of debt over Christmas. And it takes an average of four months to get their finances back into shape after the festive season.
Our credit card bills are high, our bank balances look sad and there’s an extra week to wait until payday for many.
Not an ideal way to start a New Year.
So how do we avoid the January financial blues and get ready for the rest of the year?
Tip 1 – We know every year that Christmas arrives on the same date so plan ahead
Think about the next Christmas. It seems ridiculous, I know but if you start a sinking fund and save a small amount every month, it can help you feel prepared. If you put away £50 a month, by December you would have £550 saved. Your worries for the next Christmas would be gone!
Tip 2 – Trust that this feeling is not forever
Mindset is a huge part of the struggle, because we’re paying the price now for all the fun stuff we did in December. This stops us from doing fun things in January, which leads me onto the next tip
Tip 3 – Find cheaper ways to bring yourself joy
The days are dark and gloomy, and it is the longest month EVER. Hanging out with your friends, and doing little things that bring you joy is important for our wellbeing. Schedule in cosy winter walks, or movie marathons at a friend’s house.
Tip 4 – Use this time wisely!
It is so easy to get caught up in the busy-ness of everyday life and neglect our finances but if you are at home more in January, then there is no excuse. Make financial goals, get excited about what is possible this year, start planning ahead!
There are so many different ways to set financial goals, but they’re so impactful and can be a beacon of light that guides us towards a brighter future (cheesy, but it is true).
Tip 5 – Practice gratitude for what you have.
The festive period can be amazing but flies by so quicky that sometimes we don’t always appreciate what is going on when it happens. Take a moment to be grateful for the amazing food you ate, the people you spent time with, the gifts you gave others.
Practicing gratitude is the quickest and most effective way to pull us out of a slump and raise our vibe – scientifically proven!
Let this January be different and get ready to smash your goals this New Year!