Stretching our finances in January

Posted on Dec 28, 2022

For many of us, stretching our finances through January can be difficult. Whether making December’s pay last into January or struggling to make ends meet after the cost of the festive holiday period, January can stretch the best of us, so, we’ve pulled together our top tips to help your finances stretch through January!

The wait for January’s payday can stretch the best of us, so, we’ve pulled together our top tips for making December’s pay last!

• Budget!
  We all know that budgeting will help keep us on track with spending. Planning in advance is the most important way to reduce the financial stress you feel over the festive period.
  
  Don’t have a budget yet? Check out MoneyHelper’s budget planner to help you know exactly what you’ve got coming in and where you’re spending your money.
  
  Then, remember to stick to your budget! This way you could minimalise your January spending blues!
  
  
• Keep your essential cash separate
  After working out the amount you need to keep for your bills, rent, mortgage and food shopping, transfer your disposable income into a different account so both portions of your money are kept separate. Keeping this amount physically separate, will make sure you know your bills and essential costs are covered, and what you’re left with can be spent!
  
  Take a look at our Instant Access Account. Our Instant Access Account is a great alternative to researching and opening new bank account. Keep your money organised, access the funds whenever you wish and still earn a competitive dividend!
  
  Already have a budget? Now, it is worth revising your budget to incorporate your December and January plans. Cut back if necessary and opt for Netflix nights in over trips to the cinema!
  
  
• Accept you might save less than usual this month
  You may find it more difficult to save in January. You may need to cut yourself some slack this month. As an avid saver, striving to save regularly, it may be difficult to accept, but don’t be too hard on yourself – usually, we spend more in December and want to spend more time enjoying ourselves with family and friends.
  
  
• Make your cash stretch
  With the longer wait until January’s payday, you may need to spend less than you do in a usual month or week. Small changes can make a real difference. Try cutting out your weekday coffee, and you could save £10 a week or £40 over the month. This cash could really come in handy!
  
  Remember to ask yourself:
  Do I need it?
  If your answer is ‘yes’, could you find it cheaper elsewhere?
  
  
• Try not to get too carried away
  “This is on me!” Sound familiar? It is easy to get carried away with your spending over Christmas but getting lost in your spending could really blow your budget!
  

Need a hand?

Christmas is the most expensive time of year, but we’re here to help. Apply for one of our flexible Personal Loans to help you through the festivities.

Take a look at our Loan Calculator to see how much you could borrow.