Survival guide.. to next pay day
SUNDAY 07.01.2024 Money saving tips to help get to the end of January
IN A STEW
Cash-strapped workers are being advised on how to make their December pay packet last until the end of January.
Thrift experts at Musclefood have revealed seven ways to make your money stretch further during the lean winter months.
Easing the pressure on finances around the festive period is always important, but it means January budgets can also be squeezed.
Many workers receive their wages early in the run up to Christmas, rather than their normal end of month salary payment, making January budgets tight.
Those feeling the pinch are being told to cancel unwanted subscriptions, take part in dry January and batch cook to keep costs down.
Health and finance blogger Ashleigh Tosh, from Musclefood, advised: “So many of us get paid early in December, which can be great for last minute Christmas expenses.
“However, this does mean the gap between the December and January pay is extended by up to a week.
“For many families, this can make it difficult to stick to their normal budget, especially after an expensive festive period.” South African native Ashleigh, who now lives in Ireland, added: “January feels like a financially tough month for many of us, but there are a few steps you can take to help get the most out of your money.”
Here are her top tips on how to survive the wait until January payday...
Dry January
This alcohol-free trend is a great opportunity to save some cash alongside friends and family who are also taking part. You may be surprised at just how much cash you can save by banishing weekend drinks.
Many retailers are offering “buy now, pay later” schemes, but it is important not to rely on these services
Watch your shopping
Refrain from doing any unnecessary shopping on clothes and luxury items you can go without for the month. However, it is not always that simple to stop spending. Try trawling websites for deals or discount codes whenever you do need to buy something.
Sell unwanted items
Add some extra cash by selling unwanted clothes, shoes and furniture. Take some time to go through your items and figure out what can go. If you haven’t worn it in a year, sell it on.
Cook in bulk
Instead of buying ingredients for lots of different meals and cooking each night, try meal prepping. By shopping and batch cooking, it is cheaper to buy your ingredients and also saves you time in the week.
Takeaway coffee
Avoid unnecessary spending
Normal habits like buying a coffee or getting lunch from a local shop on your lunch break are unnecessary spending habits which could be banished in January. Help yourself by planning ahead, buy a reusable coffee mug and make one before leaving the house each day.
Check your monthly subscriptions
Now is a good time to go through your bank statement and make sure you aren’t paying for any unused subscriptions. You may also consider putting some subscriptions on hold until your next pay day in order to limit transactions.
Don’t rack up unnecessary debt
Many retailers are now offering “buy now, pay later” schemes which may be attractive, however, it is important to not fall into a trap of relying on these services.