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 make some savings in January. Big or small they can all add up. So here are some of the ways to save in January. 

money with a calculator on a table

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 make savings 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. 

Embrace a no-spend month

Christmas time 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 use what you have to raid your freezer and your 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 car start this month.

It could be saving a 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 and no amount is too small.

Other challenges can be daily or weekly. You will find loads of inspiration online if your google savings challenges. A great way to save. 

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 of the direct debts and outgoings you have 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 that there are unused subscriptions that you could cancel, direct debts that you can reduce by changing packages on things like the TV, or perhaps 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 on your monthly expenditure. 

Let’s hope these tips help you to save in January. 

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