Financial hangover? Here’s how to get a pick-me-up

JANUARY is a long month. Many of us get paid a week earlier than usual as a Christmas perk from our employers. But it’s easy to forget that we’re left with over five weeks to the next payday.

The knock-on effect can also impact the next few months, as people borrow to offset the money they’ve already spent.

Before you tackle your spending, have a look at how much cash you’ve got left over.

Check out your direct debits and standing orders so you know what else is due to be debited. In worst-case scenario, you can ask for a payment holiday or see if a business you owe money to will give you a short break on your outstanding commitments while you get back on top of your finances.

Remember that you may have a ton of other regular payments for subscriptions, streaming sites, cloud storage and much, much more hidden away on debit or credit cards.

BE HONEST ABOUT YOUR SPENDING

IT’S a nightmare but don’t be in denial about the cost of Christmas. Set aside some time to take a look at your bank accounts. The same goes for the credit cards – and other types of credit you’ve used to help you with the cost of the festive season.

BE SHAMELESS

IF you received presents that didn’t work for you, then don’t worry! If you’ve got a gift receipt you may be able to return the goods and get a refund. Many retailers extend their returns policies well into January but don’t delay.

Bear in mind that even opening a packet or taking a tag off might invalidate your return rights.

Retailers set their own returns policies for things you don’t like/want. But they don’t supersede your existing rights. If the item is broken or not as advertised then you can return it within 30 days of purchase

– though this will need to be arranged through the person who bought it.

You also have six months from the point of purchase where the retailer must attempt a repair or replacement for a damaged item – or refund if that doesn’t work or isn’t possible.

There’s a full guide to your rights at: news.resolver.co.uk/ shopping-returns-and-yourrights/

DON’T PANIC IF YOU’VE OVERSPENT

IF you’re in the red, or you’ve spent more than you thought, don’t panic. Work out how much money you need to get through comfortably to the next payday and compare it to what you have left.

Whatever you do, don’t turn to payday lenders or other forms of short-term credit to get you through January. Speak to your bank to see if they can give you a temporary overdraft.

Failing that, tell them if you’re experiencing some difficulties – your bank has an obligation to do what it can to try to help not make the situation worse.

They aren’t going to write off anything you’ve spent, but they can give you a break on charges and interest until you’re back on top of things.

Contact businesses you make regular payments to, such as your energy provider or council tax office, and ask them if they’ll accept a lower payment for a short while or spread the outstanding debt over future payments.

It’s also a good idea to go through your direct debits and standing orders list to see if there are any payments you’re making that you don’t need or are duplicated – like old insurance premiums. If you’re accidentally paying for the same thing with two businesses, ask for a refund.

Don’t panic

Need help with a complaint? Resolver can help you for free at resolver.co.uk