January
can be a month for reflection. It can prompt new beginnings. The new
year often inspires resolutions and change. It can be a month of
hope.
But
it can also be a difficult month. The excitement and seasonal joy of
December and Christmas is gone. Without Christmas cheer the
temperamental, harsh winter weather can dampen spirits. With many
people having being paid before Christmas - a week earlier than
normal - the month is a long one financially.
Not
only does the extra time between paychecks put a strain on our bank
balances but the expense of Christmas can also have a negative impact
on finances. Many people are left struggling with debt that they have
built up over Christmas and festivities surrounding the holiday
season.
Having
learnt from my mistakes from previous years where I have overspent at
Christmas and not budgeted well I am delighted to say that this past
Christmas has not left us in debt as we saved money for it throughout
2017, put any vouchers won in competitions in the Christmas fund and
made use of discounts and sales for items on the Christmas list - and
only items on the list. Even though we are not left in a post
Christmas debt situation the month is still a long one for us
financially and I can understand how easy it is to get into debt over
the Christmas period.
A
survey conducted on behalf of Ferratum UK highlights millennial
spending and borrowing habits over the Christmas period. Over 1,000
people aged 18-34 were interviewed about their finances. Below are a
few key facts and figures, to read more details of the survey and
find out about millennials and their finances check out Ferratum’s
blog post here.
*
41% of millennials said they are worried they won’t have enough
money to pay for Christmas
2017.
* 27%
are planning to borrow money to pay for Christmas.
* 48%
have had to borrow money over a previous Christmas period.
* 1
in 4 millennials would cancel Christmas this year to clear all their
debt.
* 37%
would borrow money to avoid missing an event they really wanted to go
to.
* 51%
of 25-34 year olds turned to family when borrowing money and were
more likely to use borrowing options such as credit cards (48%),
short term loans (31%) and overdrafts (31%).
Whilst
this is a depressing read and the facts are important and should be
highlighted and discussed, what with today January the 15th being
calculated as the most depressing day of the year - aka Blue Monday -
it is important to focus on the positive and beat the January
‘blues’.
Hopefully
here are a few ideas on how to make January that little bit better -
* Embrace
the dark evenings and cosy up at home with a good film or book.
*As
we have said goodbye to old 2017 and welcomed in a new year think of
the concept of out with the old and in with the new. Declutter and
organise your house and put any plans for home improvements into
place.
* Give
yourself some much needed TLC and ‘ME’ time. Whether that is
enjoying time out for a film or book, starting a new hobby, eating
healthy and exercising or embracing a pampering session at a spa,
giving yourself a little treat or time for your own interests is
uplifting.
* Blow
away the January blues and embrace the great outdoors for some fresh
air and quality family time for free.
* Plan
a day out or book a break. The excitement of a holiday to look
forward to put a spring in your step. Whilst money may be tight you
could put a deposit down now and pay off a little as and when you can
or if you can afford to there are some great deals on saver holidays
where you pay now at a great price but cannot cancel.
If
Christmas 2017 was a financial struggle think about putting steps in
place to avoid Christmas 2018 leaving a negative financial impact on
you next year. Here are a few tips to help you prepare for the
expense of Christmas and the social festivities of December -
* Sell
unwanted items and put the money you make into a Christmas fund.
* Save
money by setting up a direct debit into your savings each money,
collecting change in a jar or getting involved in a money saving
challenge such as the popular 1p saving challenge (tip is to save the
higher amounts earlier in the year when you can afford to).
* Consider
a Christmas saving club where you pay money each month and then get
vouchers and gift cards in December or look at Christmas saving
stamps and supermarket Christmas savers schemes.
* If
you need help sorting your finances contact Citizens Advice for help
and advice.
* Collaborative
post *
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