Avoid a New Year Financial Hangover

As you look ahead to 2023, this is a good time to take stock of personal finances.

That way you can make decisions on where you need to cut back, how you can hopefully save a little regularly and how you can face the increases in the cost of living.

It is an ideal time to make a New Year’s Resolution you can actually stick to – like improving your financial wellbeing.
Here’s some helpful ti[ps:

• Go through your bank statements and credit card summaries to review spending.
• Compare energy and telephone providers and switch to a cheaper option. One of the most popular is Compare the Market . Another favourite is Money Super Market and as always it pays to shop around.
• Review subscriptions and ask if you need them.
• Cut back on those bad financial habits like excessive shopping online
• Set yourself a financial goal and make sure there are milestones along the way to keep you on track. Define the endpoint and the milestones you want to reach one by one, a bit like climbing a ladder. This is true when it comes to saving money for a wedding, holiday or new car just like it is when trying to lose weight pound by pound.
• Once you know where you are and where you want to be, decide on a budget you can live with that will help you achieve your goals.
• When you’re shopping online look out for voucher deals to help stretch your budget. One of the most popular is Honey  or Finder which helps you find coupon codes for thousands of different sites.
• Batch cook to save time and money. You save money on buying in bulk and a quick meal in the freezer can help cut back on shopping trips.
• Weight and reaching your fitness goal may be on your New Year’s resolution list. You can find free exercise apps and videos online, such as the British Heart Foundation.