January can be a tough month, with cold weather, long nights, and the post-Christmas financial squeeze. But don't worry, there are steps you can take to lift your mood and improve your financial situation. According to a study by VoucherCodes, up to 40% of households feel financially constrained after Christmas. However, budgeting and managing your finances can make a big difference.
Bank Accounts: Find the Right Fit
Many banks offer incentives to switch, such as First Direct's £175 for new customers. But make sure the account suits your needs. Nationwide, for example, offers a 0% overdraft facility for 12 months. If you want high interest, Barclays has a linked savings account paying 5.12% on balances up to £5,000. And if you have high outgoings, Santander Edge offers 1% cashback on bills, supermarket shopping, and travel expenses.
Subscriptions: Cut the Unnecessary Costs
Consider whether you really need all those subscriptions. Cancelling Disney Plus (£7.99/month), Amazon Prime (£8.99/month), and a gym membership (typically £40/month) could save you £700 a year.
Savings Accounts: Make Your Money Work Harder
Keep an eye on the best deals for savings accounts, as the market changes quickly. Santander's Santander Edge Saver currently offers 7% on balances up to £4,000. Compare different options and switch if necessary.
Car Insurance: Plan Ahead and Save
Organizing your car insurance premiums in advance can save you money. MoneySavingExpert found that getting quotes 23 days ahead of your renewal date led to an average saving of £504. Don't leave it until the last minute.
Petrol and Diesel: Fill Up for Less
Filling up at a supermarket instead of on the motorway can save you around £14 each time for a family car. Use the PetrolPrices app to find the nearest cheapest forecourt to your location.
Loyalty Schemes: Take Advantage of Offers
Make the most of loyalty schemes offered by retailers. Tesco, for example, is currently offering double Clubcard points on shopping, and the Nectar app has competitions and bonus point opportunities. Check your retailer's app or sign up for their email newsletters to stay updated on the latest offers.
Shopping: Cashback and Voucher Codes
Join cashback sites like Topcashback or Quidco to earn up to £300 a year on your usual shopping. You can also find discounts through voucher codes. Consider downloading a browser extension like PayPal's Honey to search for voucher codes before making an online purchase.
Energy Bills: Find the Best Deal
Most people are paying rates equivalent to the price cap, but there are slightly cheaper deals available. Eon Next, for example, offers a tariff that charges 3% below the price cap. Octopus Energy has a tracker deal where prices change daily based on the wholesale rate, which has been cheaper than the price cap in recent months.
By following these tips, you can beat the January blues and improve your financial situation. Don't let the post-Christmas slump get you down – take control of your finances and start the year off right.
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