January is that time of year when people are focusing on their health, but what about your financial health? At Stockport Credit Union we want to normalise checking your finances on a regular basis, because most people only check the health of their finances when their income is impacted.
Maybe you overstretched your spending in December, perhaps you’ve set yourself a saving goal for 2022, or you just want to be more financially independent this year. Either way, a financial detox can help create some great financial habits that can help you save more, pay off debts, achieve your financial goals and improve your mental health.
Just like a celery juice diet, financial detoxing can feel strict and at times you might want to give up, but spending less in January can help you start the year off with a positive mindset. If you’re ready to only spend your money on absolute necessities, we’ve got some simple and practical ways to help you spend less and improve your finances.
- Unsubscribe and unfollow
Our inboxes and social media feeds are full of adverts for sales, offers and discounts and when we’re mindlessly scrolling it can be really tempting. Make things easier by unsubscribing from shop emails (some companies offer a way to pause emails) and unfollow any accounts on social media which distract you from your goal.
- Check your latest statement
Go through your latest bank statement and check all of your ins and outs. Do you recognise all of the payments? Are you paying for something you’re no longer using , or could you reduce the payment?
- Make a list!
Who doesn’t love checking off a list? Write down a list of absolute necessities that you need to spend money on each week or month, remember to think about things like commuting and if there are special occasions you would normally spend money on, like a birthday or Valentine’s Day.
- Create a budget
Now that you know what you’ve previously spent and what you have coming up – make a weekly budget that you can stick to. It can be even easier if you allocate a cash amount to the expense or week so that once it’s gone, it’s gone.
- Switch supermarkets
We’ve all seen the ads, and there’s no escaping that some stores offer the same products but cheaper. Consider switching your supermarket shop to save money on your groceries.
- Start saving
There’s never a bad time to start saving some pennies, and seeing your savings add up each month can be great for your mental health knowing that you have something there for when you need it. Check out Stockport Credit Union’s range of savings products. We have a variety of savings products with great interest rates you can tap into, click here to find out more (https://www.stockportcu.com/what-we-do/savings/).
Tackling our money habits can be tough, which is why it’s important to remember that there are always people around who can offer support. If you’re ready to become financially independent and need some support, you can find debt advice with Money Helper [https://www.stockportcu.com/9016-2/ ] and a handy budget planner here [https://www.stockportcu.com/9003-2/ ]