January can be such a long month for so many people, especially if you face a six-week wait from your last pay slip until your next.
With festive spending and the ever-increasing worry of credit card bills landing on the doorstep, there isn’t many people enjoy the harsh reality of this cold winter month.
But while it is filled with such inspiration and motivation to take on new challenges and make positive changes, some people can still be a little fearful of tackling some of the issues more closer to home.
Their finances. So I thought I would share with you some of the easy things you can do this month that should set you on the right track for the rest of the year.
Allowing the financial worry to disappear so you can focus on that fitness regime or lifestyle change you have been dying to make.
Think about the bigger picture
Often we can feel all too tempted to use our disposable income for good things. This isn’t a bad thing at all. After all, there are people out there who need extra help.
So a great idea is to make some financial plans for the future when it comes to things like charity donations. Research projects and ideas that are really close to your heart. Websites like https://www.habitathm.ca/get-involved not only accept donations, they also accept volunteers.
Sometimes actually giving the gift of time not only helps in more ways but saves your financial sanity as well. It is definitely worth considering.
What about that debt?
Debt can be a big outgoing for many, especially at this time of year, so why not use the motivation that January brings and try and reduce it in some way.
Consolidating debts into one payment can be hugely beneficial to you. Or, if that isn’t an option, you could choose to focus on the debts that are costing you the most money. Therefore helping you to save long term.
Think about financial goals and how you plan on achieving them
Another good thing to do this month is to look at your plans for the rest of the year and make some financial goals.
They can either be to help you do something big like buying a house or pay off your next holiday or exotic excursion. Having a goal in mind can then help you to decipher how you are going to achieve it.
Again this sort of action towards your finances can help you to really feel motivated to save the money or raise it in some way. However, you decide to do it.
Embrace ways you can save money each month
Finally, now might be a great time to consider ways that you can increase your disposable income. Perhaps put yourself on a spending ban and avoid the January sales for a few weeks.
Meal plan so you don’t overspend on food. Maybe it could be reducing your outgoings by sacrificing TV packages, canceling a gym membership or switching providers for things like insurance.
Simple actions can make a big difference to your outgoings, and subsequently increase what you have to spend.
I hope that this has inspired you to get your financial game back on track this month.