It’s that time of year we all dread again, checking our bank balance after a heavy, yet fun-filled Christmas packed with festive parties, buying presents for relatives you haven’t seen in years, and perhaps one too many overpriced mulled wines. The Christmas season can definitely be draining on all of our bank accounts, and it’s fair to say that everyone can benefit from finding more ways to manage their finances from time to time. 48% of Britons who suffered financial stress last January revealed budgeting would have helped them avoid overspending! So, this article will help you beat the January blues and stick to your new year’s resolutions by providing some financial wellbeing tips fit for a new you in 2022.
- Don’t panic! What’s done is done, and you had a great time doing it! With the pandemic taking up most of our lives, we all certainly deserved to have a lovely Christmas. Now, you can take this month to reflect and budget accordingly to your personal finances. Start by making a realistic assessment of where you are, how much you owe, and when it needs to be paid back.
- Prioritise. Bills such as mortgages, rent, and home utilities are the most common important debts to put first this month. Make sure you have enough put aside in your budget to cover these first, as well as any obligations such as childcare, medical or credit card bills. When this is done, you can then budget your personal spending accordingly.
- Shop smart. January isn’t all bad, this is the month to take full advantage of the January sales! You can nab deals on retail and food shopping, and even sell old or unused clothes and items online for a bit of extra money in your pocket. This idea also applies to unwanted Christmas presents, but you didn’t hear that from us!
- Look after yourself. In January, its all too common for depression and anxiety to skyrocket after Christmas over-spending with a record number of calls to debt and mental health hotlines. It can be particularly tough for those aged between 25-54; with 54% of us finding the January pinch harder than the rest of the year. Try to remember that the start of a new year is a fresh slate, and with initiatives around like Dry January, Veganuary, and RED January, a healthy body and bank balance may just be the key to a healthy mind.
Quick tip: If overspending in December is becoming a yearly routine for you, why not try saving up now? It feels like a lifetime away yet, but if your budget can stretch to put small amounts away every month, you’ll have a whole year’s worth of savings to overindulge in Christmas next year without putting too much pressure on your bank account! You’ll certainly thank yourselves later for being so proactive.
With a few simple chances and organisation skills, you are on track for a stress and anxiety free January, and a completely cured financial Christmas hangover.