Making your money last longer post-Christmas — when the parties are over and the festive chocolate boxes are empty — is something that most of us are familiar with, and that January pay day can feel like it’s never going to arrive.
But with a positive, as well as realistic, mindset, chances are that you can better navigate the period until your bank app pings with the welcome news of money in your current account again.
Here are some tips on how to keep hold of your hard-earned cash this month:
Unsubscribe from unwanted newsletters
Take a few minutes to unsubscribe from newsletters or promotional emails that no longer interest you. This will reduce the number of emails you receive and help you avoid impulse purchases triggered by sales notifications.
Set Up Filters
No, not the ones for selfies. Most email providers allow you to create filters that automatically delete or archive emails based on specific criteria (e.g., sender, subject line). This can help keep your inbox organised and reduce the temptation to click on promotional emails.
Online Discount Codes
Before making any online purchase, take the time to search for discount codes. Use moneysaving websites like Honey, or Coupons.com to check out various discount codes for numerous retailers. Always check these sites before finalising your purchase.
If you have a strong willpower, then use the retail newsletters to your advantage but be discerning: limit the number of emails you receive — at least for the month of January. That way, any purchase you do make, will be considered, and less likely to a impulse purchase. If you have a specific item you’ve been holding off on hitting the checkout button, then check if you can avail of a 10%, or even 20%, discount if you sign up to the newsletter. Then you can unsubscribe, once you’ve placed the order.
Use Cashback
Consider signing up for cashback websites like Rakuten, which is free to sign up to, or TopCashback, which offer a percentage of your purchase back when you shop through their links. This can provide additional savings on top of any discounts you already receive.
Cash is often in short supply in January
Set a Budget for Non-Essential Spending
Create a budget specifically for discretionary spending after the festive season by determining how much money you can afford to spend on non-essential items each month. Stick to how much you spend by using cash, and keeping your cards in your pocket.
Set Up a Savings Challenge
One of the easiest ways to start saving is by participating in a savings challenge. For example, the 52-week challenge involves saving a small amount each week, starting with £1 in the first week and increasing by £1 each subsequent week.
By the end of the year, you’ll have saved £1,378. This method makes saving manageable and encourages consistency. Many companies and firms run saving schemes as well, that enable employees to save for Christmas — signing up now could pay off later in the year.
Automate Your Savings
Consider setting up an automatic transfer from your checking account to a savings account. Even if you start with a small amount, like £10 or £20 per week, you’ll be surprised at how quickly it adds up.
Automation removes the temptation to spend that money and helps you build your savings effortlessly. Apps like Plum help do this as well.
Use loose change wisely
Don’t underestimate the power of loose change! Create a designated jar or container for your spare coins. At the end of each week or month, count the coins and deposit them into your savings account.
This simple habit can accumulate a surprising amount over time.
Implement a ‘no-spend’ day challenge
Challenge yourself to have one or more “no-spend” days each week. On these days, avoid all non-essential purchases — this includes coffee runs, dining out, and impulse buys.
Use this time to focus on free activities like hiking, reading, or exploring local parks. Money saved can then be redirected into your savings.
Evaluate subscriptions and memberships
Review any subscriptions or memberships you may have (streaming services, gym memberships, etc.). Cancel those that you don’t use regularly or that don’t provide enough value for the cost.
This simple step can free up extra cash each month. If you have family or friends who also use subscription services, consider sharing accounts where possible. Many platforms offer family plans that allow multiple users at a reduced rate. For example, Spotify offers a Premium Family plan that significantly reduces the cost per person compared to individual subscriptions.
Evaluate whether you can downgrade your subscription plan to a cheaper option that still meets your needs. For example, many streaming services offer different tiers with varying features and pricing. If you’re willing to tolerate ads or fewer features, downgrading can lead to substantial savings.
Apps like Little Birdie enables users to track all their subscriptions and bills in one place, providing alerts for price changes, contract renewals, and free trial end dates. The app also features an in-app cancellation option for unwanted subscriptions, making it convenient to manage your expenses without hassle.
Maintaining a positive attitude when you’re broke for the month can be challenging, but focusing on what you have rather than what you lack can create a significant shift in your mindset. Each day, take a moment to jot down a few things you are grateful for—this could be anything from supportive friends to a roof over your head. Cultivating gratitude helps foster a sense of contentment and reduces feelings of scarcity, making it easier to maintain a positive outlook.
And remember, discussing your financial challenges with trusted friends or family members can alleviate feelings of isolation and anxiety. Sharing your situation may lead to helpful advice or support, but if you need more professional advice, check out services such as the Citizens Advice Bureau for advice. If financial stress becomes overwhelming, consider seeking professional advice from your bank or building society.
Several organisations in Northern Ireland offer free assistance to people facing financial difficulties, including Advice NI which provides free advice on personal and business debt and be contacted via 0800 915 4604. Alternatively, try Debt Advice NI which offers free, confidential, and independent debt and money advice by calling 0800 917 46074.
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