January is known for being a bit of a miserable month, with the Christmas festivities over, it is likely that your bank balance is looking far from healthy too. If you dread the start of the new year, why not turn it into a positive and work on getting your finances in order? You can create goals, get on top of repaying your debt and make a comprehensive budget so that you can stay on the right track to financial success. If you find that you are struggling to save after Christmas and you’re faced with an unprecedented expense, a payday loan direct lender can help in an emergency, with affordable loans suited to your income. Read on as we look at how you can make January the best month for finances.

Review goals 

January is a month for new starts, and what better way to begin a new year than to review the year gone by? Taking the time to go over the money you’ve spent and saved, as well as the money you’ve built up in terms of debt, means that you can get a better idea of where your finances are going into the new year. Think about whether you have met the goals you’d set out previously for yourself, if you have, you should feel accomplished and happy that you are moving forward. If not, think about why you didn’t reach your goals – maybe it was unrealistic, or you didn’t have enough time to make it work. January is a good time to think about the goals you have met and the goals you will take forward with you into the next year. 

Budget 

Maybe your New Year resolution is to get better at handling your money or saving for a certain event or milestone, you can make a start towards achieving your goals by making a budget. Start with your monthly income and subtract your primary outgoings, things like rent or mortgage payments, car insurance or finance, and any other bills you might have. The money left over is what you have left for your secondary expenses and savings. Decide what is an appropriate amount to save in line with your income and automate this amount to come out of your bank account every month so that you can remain consistent. This prevents overspending and impulse purchases, so you will be on your way to reaching your savings goals in no time. 

Reflect and plan 

Did you spend too much last year and now you’ve got some debt to pay off? If so, take the time to reflect and make a plan around how you can pay off these outstanding funds. If you have had trouble paying off debt or anything other outstanding credit in the past, now is the time to work out a strategy on how you can get on the right path to financial security. Look at your budget and how much you have left over to work with after your primary expenses – dedicate a sum of your monthly wage to paying off debt, you could even automate it so that you don’t forget! 

Compare and switch 

January tends to be a slow and quiet month, with the festivities behind us and less socialising and planning – which makes it a good time to consider your outgoings and how much you’re paying. Comparing, for example, energy suppliers or your phone contract with other companies means that you can determine whether you could get a better deal elsewhere. January is a great time to switch, and it means you could save a noticeable amount of cash. 

Unsubscribe 

If you’ve decided to make a budget to better manage your money, you may notice that there are subscriptions that you don’t even use anymore! We are all guilty of subscribing and joining online for a monthly fee – whether that’s streaming services for TV or music, or a gym membership. January is a great time to sit down and cancel any outstanding subscriptions that you may have that you don’t use anymore. This is one of the easiest ways to free up your cash flow and save a bit of extra money!  

Sell 

Christmas gifts may have you feeling like your home needs a clear out, to get rid of the old and make room for the new – January is the perfect time to do this. Make a start on identifying items that you don’t need; this could be anything from clothing to household items. There are websites and apps where you can sell your unwanted things with ease, so you can make some cash without having to leave the house. Taking the time to identify anything around the house that you don’t want means that you can benefit from a clean and tidy space and a little bit of extra money in your pocket.