After the highs of Christmas, often come the lows of January.
Not only is the weather a bit grim, but people are facing the double whammy of the continuing cost of living crisis with the added debts of Christmas.
There are tips to make January less financially difficult, but if you still want more practical advice, we’ve spoken with a consumer expert about easy steps to consider.
John Stirzaker from NetVoucherCodes told Metro.co.uk: ‘A lot of people get paid early in December to help fund their Christmas which is great at the time but it can often leave us feeling like the next payday is miles away which can be difficult, especially in today’s climate.
‘January tends to feel like a bit of a tough month for most people but there are a few things you can do to help ease the financial pressure.’
We break down the full advice and extra tips here…
Make a list, check it twice
Okay, Christmas is over. But we can still look to Father Christmas for a money-saving hack.
When it comes to anything – grocery shopping, your monthly outgoings – it could be wise to make a list and have it all in black and white.
Not only will this help you avoid impulse purchases at the supermarket, you can also properly plan for things like birthdays and social engagements.
Budget your spending early on and only take that amount of money out with you, for example.
Cook in bulk
From leaving it too late and having to order a takeaway or buy a ready meal, a bit of prep can go a long way.
When you cook in bulk, you can make meals that last several days. You can freeze your food and take it out when you need it, making it handy for office lunches if you want to skip meal deals, and leftover dinners in the evening.
Avoid unnecessary spending
Related to meal prepping is snack or treat prepping. It can be very tempting to grab a coffee on the way to work or pop out and buy a little pick-me-up when you’re flagging in energy, but these can quickly add up.
You don’t need to deny yourself any treats, but there are small things that can make a big difference.
For example, can you buy a multipack of your favourite fizzy drink or chocolate bar? You can then keep these handy so you’re not paying a higher price each time you have a craving.
Shop smarter
An obvious solution is to refrain from doing any unnecessary shopping on clothes and luxury items that you can go without.
However, it’s not always that simple and if you do find yourself having to buy something try using price comparison websites or look for discount codes.
You can also check to see if you can get a little something out of your shopping. Cashback sites and points schemes like Virgin Red mean you can get rewarded for making a purchase.
Over time, these points can be turned into savings on things like concert tickets or experience days.
Take part in Dry January
If there was ever a year to consider doing Dry January, 2023 might be the one. With the cost of living crisis already hitting hard, cutting back on booze for a month could see a huge difference in your outgoings.
Not only will you spend less on booze itself, but often, boozing means extra costs like takeaways, hangover food, taxis and Ubers, and other impulse purchases.
Sell unwanted items
Social plans tend to die down in January with everyone in similar financial situations so this should give you some free time to go through and clear out any unwanted items.
And perhaps you’ve been given things at Christmas that could replace other items you have. Selling these online is a great way to get a bit of extra money in January.
Don’t be lazy when it comes to returning online goods
We’ve all done it. You’ve bought something from the likes of ASOS, Amazon or another online retailer. It arrives and it’s not quite right. It doesn’t fit, the colour is slightly different, etc, etc.
Only, many of us will then drag our feet when it comes to applying for a return – simply because it can be effort. And the cost of the item might not have been too high to begin with. But even doing this a few times a year will soon start to add up.
If you don’t plan on keeping your online purchases, return them.
Check monthly subscriptions
Collectively, Britons have been known to spend around £1.8 billion on unwanted subscriptions a year.
Now is a good time to go through your subscriptions and cancel any that you do not use or need or maybe even put some on hold until the next payday.
Think about gym memberships, streaming services and delivery subscriptions.
Another key subscription to look out for is magazines. If you signed up for print or digital subscriptions, they often automatically renew at a higher price.
If you want to keep your subscription, you should consider cancelling it and then resigning up with what’s usually a lower introductory offer for ‘new’ customers (this is where setting up a few different email addresses can come in handy!)
Don’t be tempted by January sales
January sales can be very tempting and you may be thinking if there’s any time to grab a bargain it’s now. But the truth is if you didn’t need it in time for Black Friday or Christmas, then you probably don’t need it now.
Understand the true cost of ‘buy now, pay later’
Delayed payment options might seem shrewd at the time, but if you’re unsure you can definitely make the monthly payments for something, you risk getting in more financial difficulties.
From bad credit scores to adding interest on debts, ask yourself if you need whatever it is you’re paying for in instalments.
Look for side hustles
You don’t have to rush out and exhaust yourself, but there are some ways you can rake in a bit of extra income if you’re so inclined.
From checking locally if people need babysitters, to help repairing torn clothes if you can knit or offering to be a hired hand to move heavy stuff, you can make a good chunk of change.
Plus, there are sites like the paid dog-sitting app Rover which will help you find ways to get paid to walk dogs in your area or board them when the owners go away.
MORE : Have you heard of microsaving? It helped me put away £2,500
MORE : These are the top household items to sell in January to earn a bit of spare cash
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