Are You Feeling The Pinch This New Year?
January is always a long, hard month, isn’t it? You’ve overspent on Christmas and New Year and you’re forever looking towards payday as it seems there is more month left than there are days already past. But even when payday arrives there’s still not enough to get back out of that little hole. Well, I can honestly say that we’ve been there in the past and it can be a pretty scary place but don’t despair as there are definitely a few things you can do to help lessen the load.
Out with the old
There’s nothing better than the New Year to have a clear out. When you’re packing away the decorations and having a good clean up, find the time to go through your cupboards and wardrobe and get rid of all the items you no longer use or need. You’ve just been bought lots of lovely new things so why not trade in any of your old games, consoles, mobile phones, clothes etc. Try selling items on your local Facebook selling pages or even on your own profile as your friends of family might be interested in buying them. If you preferred you could use a site like eBay, Gumtree, Music Magpie instead.
In with the new
Things always break at the worst time don’t they and that is certainly true for us. It’s always after a birthday or when we’ve just paid for flights to and from Ireland for my stepson to visit or like last year just after Christmas. If you’ve savings, then this is a great time to use them (a rainy day fund as we always say). If not, it may be time to consider another option. If you can’t borrow money from a member of your family or a friend (only borrow from them if you intend on paying them back) or have anything to sell to make up the amount you need it may be time to look at borrowing money. This may be in the form of a loan or credit agreement. There are many companies out there and different types of credit available so do your research and look for a reputable company such as PolarCredit, they are a credit line that aims to bridge the gap to mainstream finance so responsible borrowers can progress to lower-cost credit and not pay the higher fees associated with products such as payday loans, whilst also rebuilding their credit rating. Customers apply for a credit limit through an online application and if the application is approved, sums of money can be transferred to their bank account. Interest is paid only on the amount of money drawn out of the credit line, not on the total credit limit agreed, and repayments can be tailored based on an individual’s current financial circumstances with only a minimum repayment being a required each month. Please remember that getting into debt shouldn’t be used as a long term fix so only borrow what you need to and pay it off as soon as you can.
New year, new budget
The New Year is a great time to have a financial clear out too. Check all your subscriptions and see if there are any that you can cancel or reduce. If you no longer watch your TV subscriptions cancel them or ring up your supplier sometimes Sky and Virgin will reduce the cost especially if you’re out of your contract and looking to leave. You could save £100’s of pounds a year doing this. Look at changing your energy or broadband suppliers again if you are no longer in your contract there may be a better deal out there for you. If you no longer watch Netflix, use Amazon Prime or play online on your games consoles cancel your standing direct debits again this could save you a fair amount of cash. If you are on hard times cancel them anyway – you can always reinstate them when you are in a better place financially.
*This is a collaborative post*
