This is a contributed post.
Drinking too much on New Year’s Eve isn’t the only thing that leaves us waking up with a hangover on January 1st: there can also be a giant money hangover to deal with.
It’s easy to get carried away over Christmas and spend more than we can afford.
We want to make the holidays special for our families, so we go out and buy them everything they want, we fill the house with food and drink, we spend a fortune on Christmas decorations, and we do everything we can to make the holiday period perfect.
We also spend more than usual on nights out and festive treats for ourselves. At the time, this can be great fun and a brilliant way to end the year.
But, it can’t go on. Whether you are starting January with Christmas debts to pay back, or things are just a little tight, it’s essential that you find ways to fix your finances, save some money and get yourself back in a good financial position.
Let’s take a look at some things that you can do right now, to prepare for your January money hangover.
Budget
One of the best ways to save money is by coming up with a detailed budget.
Think about everything that you spend in a normal month and write a list of all of your expenses. Include everything, from petrol in your car, to rent and treats.
Look at your bank statements from previous months to make sure you don’t forget anything. Then work out how much money you’ve got coming in, and an amount that you could realistically save. Look back at your expenses list and find things to cut or reduce.
Look for Deals
We’d all love to think that we won’t need to buy anything big in January, but you never know. Things come up, appliances break, cars break down, life often gets in the way of our plans.
Take a look here for some fantastic deals to help you save money on any extra expenses.
Meal Plan
Food is one of the easiest ways to save money. Start freezing extra portions now, so you’ve got some meals ready. Freeze your festive leftovers, or make soups and stews which are filling and long lasting.
You can also make some meal plans for the month. Look at what you’ve already got, check out some budget recipes online and write a plan for each week.
You might find that you save money by doing your food shops online, as you just search for what you need, don’t get distracted or tempted by things that aren’t on your list, and you can see a running total as you shop.
Get Some Rest
December festive activities can be a lot of fun. But it’s also completely exhausting.
Spend January recuperating. Have nights in front of the TV, relax – and save some money in the process.
Make some Changes
January is the perfect time to take a look at your contracts. Go to comparison sites to see if you could be saving any money on your utilities. Try to do this at the start of every year to make sure you are always getting the best deals.