How to save money in January
When it comes to money, January can often be the hardest month to go through. You have just had Christmas which pressurises your finances, and you sometimes have to wait a little longer between paydays because of all the bank holidays.
However, it is possible to save money in January. Big or small they can all add up. So here are some of the ways to save in January.
Shop efficiently when it comes to food
When it comes to food shopping in January your budget is likely to be a little tighter. But even if you just want to save money in January then shopping efficiently can be a great money saver.
First up, you need to write a list. Don’t go into the supermarket blind as this is when you are sucked in by offers or buying things you don’t need.
Secondly, make sure you buy food that will last longer. Shop the frozen section or buy ingredients with batch cooking in mind. This is where you might freeze meals for later in the month.
You will save money as you won’t be buying more fresh food and you are certainly wasting much less.
Use Cashback sites and Apps
Did you know you can save money in January, and every other month, by using apps and websites for cashback? I am sure you do, but do you stack them wisely? For example, did you know that you can use the Airtime app alongside other cashback apps like Top Cashback or Quidco? If you want more instant cashback, then I recommend Jam Doughnut. With Jam Doughnut, you simply buy a voucher from them for the store and get cashback in your account instantly.
Embrace a no-spend month
Christmas can be expensive, so if you want to use January as a chance to get back on track, then a no-spend month could be the answer.
This means you only buy essentials that you need, like bread and milk. Food is essential, but the idea is to raid your freezer and cupboards to see what you have.
Not spending anything unnecessarily means that at the end of the month, whatever is left could be used as a start for some savings or to help pay off debts like credit cards or overdrafts.
Savings challenges
As January is the start of a new year, there are lots of saving challenges that you can get involved with that can start this month.
It could be a savings challenge where each day you save the amount that is the date. Eg, the 1st of the month could be 1p or £1 depending on what you can afford. Saving little and often is the key to saving money in January and no amount is too small.
Other challenges can be daily or weekly. You will find loads of inspiration online if you Google savings challenges. A great way to save money in January and throughout the year.
Time to scrutinise your outgoings
We all have outgoings that we need to look at, but now is the perfect time to press the rest and check what you are paying out for. Print off your bank statement and note down all your direct debts and outgoings for each month.
This isn’t about what you spend on your debit card, but getting an idea of food can be helpful.
You might find unused subscriptions you can cancel, direct debts you can reduce by changing packages for things like the TV, or even changing the date of your direct debit so that everything goes out on the same day.
These things get you organised, but also can help to save money in January on your monthly expenditure.
Let’s hope these tips help you to save money in January.
Other articles you may find useful to save money in January
A review of the Jam Doughnut app
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