Financial tips

Financial Tips To Avoid The January Blues

It’s that time of year again, which follows closely after the expensive period of Christmas and New Year when we’re all checking our bank balances with dread and wishing payday would come sooner. January is one of the hardest months to overcome financially; after all, avoiding all the sales and keeping your costs down is hard enough without the added aspects of inflation and increasing energy bills. Despite being at the halfway mark of the month, the January blues are still slowly creeping up on some people, meaning this is the start of your opportunity to avoid them at all costs. After all, no one needs any additional financial stress at this time of year. So, to help you steer clear of the blues, here are a few financial tips you could add to your daily schedule…

Make It A Habit To Save

Currently, we are experiencing the best saving opportunity that there has been in years due to the rising interest rates.  If you can develop a pattern of saving over the course of the next few months, you will find that your encounters with financial issues over the course of the year will become a lot less stressful. Having a small amount of money saved, perhaps even an extra emergency fund, will massively benefit you. For example, if you are faced with an unexpected bill, the likelihood of having to opt for a payday loan is much lower. However, if this is the case, here at BingoLoans, we can help with your financial emergencies. Click here for more information.

Start Your Budgeting Journey

If you want to take control of your money and spending, budgeting is essential. With the expansion of contactless payments and the world going cashless, gaining control of your finances and spending patterns is harder than ever. For many people, online shopping is holding them back from fixing their finances. So, 2023 is the perfect time to fix the issues and work on improving your budget in order to give you the financial stability you need with the current uncertainties. There are numerous budgeting techniques you could utilise to start your budgeting journey; a few of them include the 50/30/20 rule, the envelope method, and the cash-only approach. For those who would prefer an online approach, the Plum app is also an option to help budget and monitor your spending.

Get Rid of Unnecessary Expenses

Another financial tip to avoid the January blues includes removing all of the unnecessary expenses from your budget. Often, we find ourselves overspending on things that we do not need. Yes, we agree that it is nice to treat ourselves every so often. However, for a lot of people, this is restricting them from reaching the debt-free lifestyle they’ve dreamed of. It is time to review your current spending patterns and highlight those common purchases that you don’t actually need. This way, you’ll find yourself with a much wider budget to reach your financial goals faster. As your budgeting skills improve, you will gain a better understanding of how to equally spend your money, leaving room for these purchases every so often.