We know January can be the hardest financial month of the year for people, and it’s easy to feel motivated to set some New Year’s Resolutions. If you feel like 2024 is the year you want to start afresh with your finances, we can help. There is no quick fix if you’re struggling with debt after Christmas and you feel like payday is so far away. Read on to learn more about how you can start tackling your debts in 2024.
Tackling The Christmas Debt
December is the most expensive time of year, and many will find themselves with a big credit card bill or buy now, pay later bill in January. With the cost of living continuing to rise also, it’s no surprise that 1 in 3 people will spend over £500 over the festive period. On average it can take 4 months to pay back and can put you in a cycle of borrowing every festive season. If this sounds familiar and you’re already worried about the upcoming payments, you don’t have to suffer in silence.
January is Financial Wellness Month
With a new year comes a renewed sense of motivation in all areas, and if improving your finances is a goal for 2024, now is the perfect time to start. Financial Wellness Month serves as a reminder to slow down after the festive season and prepare your finances for the new year. We’ve listed three ways you can tackle your finances this January.
If you have unaffordable debt and you’re struggling to pay, get debt advice straight away with our online debt advice tool.
1. Set Financial Goals
Want to pay off all your debts? Be able to pay for a family holiday in full before getting on the plane? Or maybe you’d like to pay for Christmas without using buy now, pay later.
Whatever your goal, working towards something can keep you motivated and help you progress. You’re also more likely to stick with a goal if you can visualise it happening month by month, and see how far you’ve come. Some goals are time-scaled and will take months or even years, it all depends on what you want to achieve with your money goals.
Remember to make them realistic and clear, with key steps broken down so you know the exact actions you have to perform to reach the end goal. Unachievable goals which don’t fit your income or lifestyle will leave you feeling demotivated.
2. Create a Budget for 2024
Budgeting is vital to create a healthy relationship with your money. When you get debt advice using our online tool, we will ask you to fill in a budget. This will track your spending and income to help us better understand what your personal situation is and therefore what debt solution is best suited. You can also read our budgeting guide to learn more about how to best handle your finances.
The first step to creating a budget is working out what you spend your income on. Once you are able to see what you spend your money on, you’ll have a better idea of what you have left over after all your essentials like your mortgage/rent, food bills, etc. What you have left is known as your disposable income, it can be used for non-essential purchases.
3. Get Debt Advice
If you do one thing to improve your financial wellness in 2024, get debt advice. Our online debt advice tool allows you to input information regarding your current debts, income, expenditures, marital status, and renting situation, amongst other details, to gauge your current circumstances. It removes the need to speak with an advisor, so you can get your recommendation instantly on screen. You can also get your advice anytime, it’s available day and night.
If you prefer to speak directly with someone over the phone, you can call us or book an appointment at a time that suits you. You can also email us directly with some information regarding your debts, for example, how much you owe and who to, and we can get back to you to discuss your options. You can also chat with one of our advisors on WhatsApp. If you don’t have access to a private and secure email account, it’s a good option. This line is in place to make contacting us a bit easier if you don’t want to use any of the other options.