Make 2020’s final pay packet last right through January
Are you worried about making December’s salary stretch through to your next pay day? VICKY SHAW has some advice
JANUARY is a tough month financially for many people – and the turmoil of 2020 may have made it even harder to stretch your end-of-December pay cheque through the first month of 2021. Often workers are paid earlier in December than they usually are in other months – so the money will need to last for longer until that next pay day arrives.
To help you make it through, Andy Barr, a personal finance expert and co-founder of online price tracking website alertr.co.uk, shares the following tips...
DON’T BE TEMPTED TO START DIGGING INTO DECEMBER’S PAY CHEQUE TO FUND LAST-MINUTE CHRISTMAS SHOPPING
IF you receive your December pay just before Christmas, it can be tempting to start digging into it to pay for last-minute festive gifts – leaving you with even less money to get you through January.
If possible, try to finish your gift shopping with the pay you received in November. This may still be considered early for some, but it will help to get everything wrapped up.
TRY RETURNING UNWANTED GIFTS
IF that reindeer jumper from your relative wasn’t what you wanted over Christmas, try getting a refund. This may need to be done via the person who originally bought the item, so you may need to be prepared for an awkward conversation with the gift-giver.
If a refund is not possible, see if the store will offer a credit note that you can save for later or use on something that will come in handy right now, whether that’s towards your food shopping or something else.
It might feel like you’re crossing a line, but you’re better off with something which is of use to you – and approaching the conversation in the right way might make the gift-giver more understanding about the situation than you’d thought.
SET A BUDGET
FIGURE out what money you have left over after paying your regular bills and buying necessities, such as food shopping and fuel for your car.
From here, you can see what you’re left with and then divide the rest between the days or weeks you have before your January pay day.
You can even split this budget accordingly, so you have more money in the week or two over the Christmas holidays, and then a little less for the weeks throughout January when you may not be spending as much cash.
KEEP YOUR BUDGET SEPARATE
ONCE you’ve set a budget, keep the amount for essentials somewhere physically different, such as in a separate account.
It may look like a stark amount left, but it will make you more conscious about what you can spend your money on.
BATCH-COOK MEALS AND TRY OUT NEW RECIPES
IF you have a variety of items in your cupboards and aren’t sure what to make, there are many apps and websites where you can input the ingredients and recipe suggestions will be offered.
SEARCH FOR SELL-BY STICKERS
MANY supermarkets and convenience stores discount fresh produce that’s coming up to its sell-by date.
Stores often have a set time of day when they reduce their products so you can plan when to pounce. However a lot of the time it can be pot luck, so make sure you have a good look through discounted items when you see them.