We all know how expensive Christmas can be! Even if you’ve budgeted and tried your best to not overspend. January is a month where most of us will feel the financial pinch.
Health and fitness-related goals are usually at the top of the list in Jan, but what about financial goals and resolutions. Your financial health is just as important to evaluate. When it comes to your financial resolutions for this year (and beyond) here are some tips to help you stay on track and reach your goals.
Working towards your financial goals, and having a plan to make your resolutions stick are the first steps to a healthier financial future! with any goal, it’s always easier with a plan.
1. Create a monthly spending plan and track your progress
People who create monthly spending plans are 10 times more likely to spend within their budget than people who don’t. Embrace technology – tracking your progress throughout the month can be difficult. Luckily there are lots of budgeting and money-saving apps to help you eg. Cleo.
2. Cancel unused or expensive subscriptions
TV and music services like Netflix, Now TV, or Spotify. Magazine, news apps, or podcasts. Food packages like Hello Fresh. How often do you use them? You might be shocked by how much you are spending each month.
3. Make meal plans and stick to one weekly shop
Avoid multiple shops per week by making meal plans and sticking to them. Factor lunches into the weekly shop and this will help you avoid eating out during the week.
4. Review long-term financial commitments
Long-term financial commitments such as a mortgage, life insurance should be reviewed regularly to ensure you get the best deal possible.
5. Take your tea/coffee with you
The average cost for a coffee from your favorite coffee shop is around £3, so avoiding these per day would save you £15-20 per week, which is around £80 per month saved!
6. Think twice about takeaways
We all love a nice takeaway. Rather than saying no I’m not getting a takeaway perhaps limit it to one night a week as a treat.
7. Look for better deals
Never auto-renew, whether it be car insurance or home insurance. Always go on to a comparison site and do this in advance of any renewal.
8. Avoid health and fitness deals you can’t afford
It’s this time of the year, where everyone joins a gym. However, ask yourself is there a better way to stay healthy and exercise for free or at a lower cost than joining the gym? Walking and running are great forms of exercise and are inexpensive to do and can do wonders for your mental health.
9. Check your credit file
Being in debt with credit cards and loans can put pressure on your monthly outgoings, so check to see what you owe and who to using credit search facilities. There are often deals available to move balances between cards or loans.
10. Boost your income
Asking for a pay rise is not always feasible, nor is working two jobs to boost your current income. However, there are other ways of doing so. Selling things, you no longer use or clothes you no longer wear with services like eBay & Vinted can create an extra income.
Circumstances can quickly change. As always, if you need expert financial advice on your debts, then contact us. We will do all we can to help you. Be money savvy in 2022 and reach your financial goals whatever they may be.