For most of us January is officially the most depressing month of the year – the one that seems to go on forever! But why is this? Well, it’s due to a few things – cold weather, dark evenings, neglected New Year’s resolutions and yep, the realisation that you’ve totally overspent at Christmas!
While the January Blues will probably only last a few weeks, we’ve got some financial tips that’ll help you remain saving-savvy even after you stop diligently following your resolutions.
So, instead of making a New Year’s resolution to exercise more (boring) or stop scrolling on Insta (as if!), try out one or two from our list, and use the tips we give you to make the most of 2020!
Though you want to work on your finances, don’t rush into it without thinking. Before you start, review your savings, loans, incomes, and investments to get the full picture. Figure out where your finances are before you decide where to go with them.
Yeah, I know, you probably keep hearing this and you’re sitting there thinking I’ve got plenty of time to start my pension— I don’t need to start saving now! Well, it will pay off in the long run if you do. If you start saving now, your money will make money for you, saving you from having to make higher payments later to catch up.
You should always plan your monthly budget based on your take home salary, or other monthly income. Then try to restrict your expenses within your budget. This way, you can avoid overspending and figure out how much you save every month. Make sure you plan for all the monthly expenses including rent or mortgage, groceries, utility bills, travel expenses etc. You should also consider other expenses like insurance premiums, car tax and insurance, and household expenses while planning your monthly budget.
Try and get into the habit of saving some money regularly from your salary to build an emergency fund that will help you handle any unforeseen circumstances such as sudden job loss, a medical emergency, loss in business or any other unexpected expenses. Having an emergency fund will mean you will be less dependent on credit cards or personal loans to meet your expenses.
Debt consolidation loans can really help you both manage your finances and save on your monthly outgoings. Plus, it’s much easier to manage one monthly payment than having lots of payments to different places at different times.
A simple call to us at Life CU can make managing your debts easier for you. Our Easy Life Loan allows you to merge your existing loans (for cars, bank loans, credit card etc) into one, simple and often cheaper payment! Instead of stressing over different payments and rates, all your debt will be in the one place, with one repayment and at one low interest rate.
Find out how David & Natasha got on when they swapped their loans to us.
Click here to send us an enquiry and start your new year finances on the right track!
Loans are subject to approval. Terms & Conditions apply.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. Changing your loans may result in you paying over a longer term and/or paying more interest over the life of your loan.
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