Christmas is over for another year and January will seem like one of the longest month’s in history, but you need to make your money last. Here’s some quick win ideas to help you spread out your finances until the end month:
1. Check your food supplies before you shop
you’ve probably got more in the cupboard and freezer than you realise. Have a good old dig through and workout what great meals you can make with the odds and ends you come across. There’s no point spending money on food if you don’t need to and if you must shop, only buy exactly what you need to avoid wastage.
2. Watch your electricity use
consider what you really need to have on around the house. There’s chargers for phones that are plugged in when not needed, TV’s on standby when you’re out of the house, kettles boiling too much water and emersions heating tank fulls of water that are simply not being used. Being mindful of only using the electricity you need save you £££’s over the month.
3. Turn down the heating
we’re in one of the mildest winters on history, so you really should be thinking about turning down the heating, even just a few degrees will make a difference on the bill at the end of the month. If you feel a bit nippy while sat watching a film, snuggle up in a blanket.
4. Be aware of your spending habits
you may not be going out as much as you were before the Christmas celebrations, but you may not realise all the little things you’re spending on unnecessarily. You’ll make savings by doing things like; making your own lunch, walking instead of using the car, cancelling unused subscriptions, to name but a few.
5. Sell your unwanted items
have a clear out and you’ll come across plenty of things that you no longer use, need or want. “One man’s rubbish is another man’s treasure” means that although you may have no need for something, there’s someone out there willing to buy it off you, so get it all together and either head off to a car boot sale or put it on an online selling site and watch the cash roll in.
6. Transfer your credit card balance
you know it’s coming, the dreaded day when the credit card bill is due to land on your doorstep. Now’s a great time to be looking a credit card balance transfer, firstly; it could dramatically reduce your monthly payment and secondly; when the balance transfer takes place you could gain up to another four weeks before the first payment is due. Some are even offering cashback when you transfer.
7. Don’t lose sight of long term goals
although January is a tight month and you want to watch the pounds, remember to not lose sight of your long term investment goals. A sound IFA will advise you to stick to your original strategy and not draw down from your funds just to see you through the month.
8. Review your finances
it’s a great time of year to consider reviewing your finances. Your current situation may allow for a review on financial interests such as your investments, mortgage, pensions / savings and insurances. There’s plenty of reasons to undertake this activity such as; checking you’re not overpaying on investment charges, ensuring your funds are performing as expected and are on course to meet your financial goals, finding better cover on your life assurance, your personal circumstances have changed or your fixed mortgage deal is due to end shortly.
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