January could just as easily be known as Detox Month. Most of us are keen to shift the extra weight we might have put on over the festive season, when mince pies, chocolate and Christmas pudding are standard fare. Similarly, we all want to get our finances back in order after what is generally accepted to be of the most expensive periods of the year. While no-one wants to think about New Year’s resolutions before Christmas has even begun, planning ahead is key to a happy and secure year to come. Follow our top tips for detoxing your finances in January.
Downgrade Your TV Package
After the inevitable Christmas TV binge, January is the time to take the screen addiction in hand. If your TV is home to a load of channels you never watch (or have never even heard of), consider switching your package to something a little lighter on choice, and therefore on your wallet too.
Re-think Your Energy Suppliers
A new year often means a new start, and this should include a comprehensive re-assessment of your choice of energy providers. If there was a chance that switching could save you money, you’d want to know about it – so take the time to do your research.
Plan to Overpay Your Mortgage
If you’re a homeowner, the New Year’s resolution that should take top spot on your list is reducing your mortgage debt, by paying back as much as you possibly can every month. If you’re slow to repay your mortgage, it’s likely that you could nearly double your debt with the amount of interest you accrue. Factoring mortgage overpayments in to your New Year budget is a no-brainer.
Review Your Direct Debits
Sometimes subscriptions and monthly payments we’ve signed up for throughout the year can slip under the radar, and we completely forget that we’re forking out for items and services we don’t use or want. January is the time to have a good hard look at your outgoings, and eliminate anything unnecessary.
If you’re happy in your current job but want to boost your earnings, take it upon yourself to make a serious case for a pay rise. Are you earning as much as other people at the same level in your industry? Have you achieved anything significant in the past year that might make your boss sit up and pay attention? If you can upscale your income package, your year will look a whole lot brighter.
If you need some assistance to meet an urgent financial requirement on either a short or long term basis, APPLY NOW for one of our loans.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk