Have you ever had that groggy morning feeling, that’s followed on from something you’ve done the night before that was a bit much? Maybe you felt just like that on January 1st ?
Hangovers don’t just come from things we put in our bodies, much less talked about but equally as real is the ‘January Money Hangover’. Many people feel the pressures of a low bank balance after buying gifts, socialising more than usual and enjoying themselves throughout December.
Understanding you have a ‘January Money Hangover’ involves being honest about your finances and we believe this is extremely important, especially this January when times are tougher for most. The Manchester Evening News reported a few days ago that energy bills for Greater Manchester residents could rise over a £1,000 this year, click here to read more.
However, no-one needs to feel overwhelmed – there are easy tips you can follow to get your finances back on track in January and for the rest of 2022. It’s not quite as easy as a Gregg’s takeaway and a coffee but it’s not far off.
Below are our top 6 tips for getting over a ‘January Money Hangover’ and if you think we missed some good advice out, let us know by Tweeting us on @StockportCU.
1) Start a new Budget
A new personal budget is vital if you want to gain control over your finances and build up a balance you depleted on the lead-up to a holiday season. In the simplest form, a budget is a plan which shows you all the income you and your family will get everything has been taken out (tax and national insurance etc) – and then a plan of how you’re going to spend it, pound by pound.
2) Sell Unwanted Christmas Goods
According to Which? Research, 1 in 4 people in the UK received an unwanted gift this Christmas. Why live with the clutter? Selling unwanted gifts is a wonderful way to get some extra cash without making the gift giver feel bad!
3) Save with Stockport Credit Union
Membership of the Stockport Credit Union is open to anyone who lives, works or studies in Stockport (postcodes SK1 to SK8) and we’re proud to help people with their money. We have a variety of saving products with great interest rates you can tap into, click here to find out more. Best of all, Stockport Credit Union is a social enterprise so any surplus we make is reinvested back into the community you live in!
4) Consolidate your Debts
For some people, consolidating debts can help them save money, reduce their outgoings and put their worries at ease. Do you have a lot of credit cards, overdrafts and store cards in different places? Consolidating may be for you! Put simply, it is an action that brings all your debts into one place. Rather than having multiple payments to different lenders, potentially on different dates, you just have the one payment to make at hopefully, a good interest rate!
5) Go Dry
Dry January is when people give up alcohol and it is usually known for its health benefits, but it could also help with your post-holiday finances too. In 2019, researchers discovered that an average couple who give up alcohol for 6 weeks could save enough money for a weekend away.
If you don’t drink alcohol, you could give up something else that eats into your wallet!
6) Don’t have so many log-ins
TV & console subscription services eat at bank balances without many people even realising. Yet, most people only use one or two subscription services and use others on rare occasions. So, why do we all seem to have so many?
Rather than paying for it a variety of accounts, pick your favourites and stick to them.