Here we are at the start of another new year. It’s the same every year, we are all spent out over Christmas. Now January is here money is tight. Payday seems very far away and those bills will be creeping in very soon. Blue January it is. But have you thought about starting the new year with a new budget and taking control of your finances? Don’t bury your head in the sand, get a spreadsheet going, or a notebook if that’s your thing, and plan your finances for 2022.
New Year’s resolution – Be money savvy!
Tips On Taking Control Of Your Finances
Start a budget
Look at your income and expenses. How much do you spend each month? Write it all down and work out where you can save money. So subtract the expenses from the income. This will give you your discretionary spending and you can then set up a budget on how the discretionary funds get spent.
Look at reducing monthly bills
Ok, so some of your utility bills may be on a fixed tariff. But make a note of the dates when the fixed-rate finishes so you can look around early to get a better rate next time. You can however look at how much electricity you are spending and reduce your consumption. Saving money! If you are on a water meter keep an eye on how much water you are using. Don’t leave the tap on when brushing your teeth! Saving money!
Pay off your debt
Jot down your debts. It may be high-interest credit cards, student debt or a car loan. Take a look at your discretionary spending budget and work out how much you can afford to put towards your debts from this. Click here to learn more.
Stop eating out!
This one is a big money saver. The occasional takeaway or restaurant meal is fine, but don’t make it a regular thing. Make it a treat once in a while! Cook your meals at home. Make a meal plan. Make your own pack lunches for work. These will SAVE you money.
Meal plan and batch cook
Getting home from work each night and having to think up what to cook can be daunting and very exhausting. But if you put meal plans in place for the month and set up some batch cooking one weekend it will become much easier, less wasteful and often healthier too.
Start using cashback sites
If you are not using cashback sites like TopCashback when shopping online what are you waiting for? It’s a great way to save yourself some money on your purchases from many different sites.
Declutter and sell your things
Make a few extra pounds by selling unwanted items. Use your local Facebook buy, swap and sell groups to declutter or list items on eBay. While you are sitting down watching TV in the evenings, list a few things to sell. It’s surprising what you can shift and make some money at the same time! While you’re at it, if you have to buy items like clothes and accessories, shop second hand!
Start saving!
I’m going to finish with start saving! It can be as little as you want it to be, but just getting into the mindset of saving will help you in the future. A great new year money-saving challenge is the 1p challenge. All you have to do is save 1p on the first day, then on the second day, you put away 2p, on the third day, 3p, and so on. By day 365, when you’re saving £3.65, you’ll have saved a total of £667.95 for the year!
Why not start the new year on a money savvy journey? Take control of your finances in 2022!