1. Bare minimum Spending
“Although the January sales might seem like a good idea, it is wise to stay clear. Aside from essential expenses, such as mortgage repayments and groceries, try to keep spending in January to a minimum. A month of bare minimum spending can be another good way to get back on track. This will create a little bit more breathing room and a good opportunity to start 2019 off on the right foot.”
2. Go cardless
“To remove all temptation to go rogue and buy something at the sales, leave the cards at home and use cash. It might sound extreme, but payWave is both a blessing and a curse. It’s far too easy to just ‘tap & forget’. By working out how much you will need each week for discretionary spending and withdrawing the cash, you will be much more aware of your outgoings. If you don’t like carrying cash, set up an account which you can transfer your weekly budget into, separate from bills, savings and day-to-day essential expenditure.”
3. Reviewing your finances is in your interest
“If you find that your credit card bill is a little higher than usual, don’t stress. Make sure you’re making regular payments to help minimise any additional fees and interest you may be charged. This is also a good opportunity to review your credit card rates and fees, especially if you have a large credit card debt. Shopping around for a lower rate or finding a low-interest balance transfer credit card can make all the difference in the long run.”
4. Get better at managing your finances
“Recovering from the financial hangover of Christmas can be overwhelming, especially if finance isn’t your thing. That’s why there are a number of smart bank accounts and apps out there that can help you take control. The key to getting back on track is choosing an account and app that goes beyond tracking expenses. A smart bank account and app can manage your money for you by sending you alerts so you know what is safe to spend, as well as separating your money into three buckets - pay, save, spend. This is an extremely valuable tool, especially when you’re trying to minimise spending.”
5. Plan ahead
“Don’t beat yourself up for overspending at Christmas, it’s the holidays after all! Take this as an opportunity to not only recover from Christmas spending, but also as a chance to get a grasp on your finances for 2019. Take the time to review your finances and determine what financial goals you want to achieve in the coming year.”
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