Avoid a New Year financial hangover

2020 is not a year many of us will forget in a hurry – regardless of how much we want to.

We have all been affected in different ways – particularly financially with job loses, furlough and cutbacks.

As you look ahead to 2021, this is a good time to take stock of personal finances.

  1. Go through your bank statements and credit card summaries to review spending.
  2. 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.
  3. Review subscriptions and ask if you need them.
  4. Cut back on those bad financial habits like excessive shopping online to relieve the boredom of living in lockdown restrictions
  5. 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 important when it comes to saving money for a wedding, holiday or new car and watching your savings mount up – just like it is when trying to lose weight pound by pound.
  6. 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.
  7. 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 help you find coupon codes for thousands of different sites.
  8. Batch cook to save time and money. You save money on buying in bulk, but with the current high risk of Coronavirus, a quick meal in the freezer can help cut back on shopping trips.
  9. Weight and reaching your fitness goal may be on your New Year’s resolution list, but remember the gyms are closed and travelling to the beach or wild Welsh mountains are restricted. Fortunately, you can find free exercise apps and videos online, including the comparison website GetApp or take advice from the British Heart Foundation with their list of free sites.

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