It’s the start of a new year, and for me that means sorting out my finances. I love the start of a new year because it always feels like a fresh slate and time for new beginnings.
At the beginning of each year, I like to check over my finances and write a new budget. So much has changed in the past year, and our budget has sort of gone out of the window. So, I’m starting fresh and writing a budget that actually reflects our current income and outgoings. Each January I like to sit down and make some fun plans with my family of things we want to do throughout the year. I work out how much they’ll cost, when we would like to do them, and factor them into our budget. We live a pretty frugal life, but there’s always room for improvement. And for me, family time is a necessity so days out are always factored into our budget.
This year, I already know January is going to be a bit tight financially. When we bought our first home a year ago, we used ALL our savings. I then ended up having 9 months off work due to illness so we never managed to rebuild our emergency fund. The last few months of 2018 really affected my finances. We had a few big, unexpected purchases – the car died and needed replacing, so did my glasses, then so did the new car battery!
All things that would have been annoying but more manageable if we still had savings. As it is, I ended up taking out credit to cover the purchases we hadn’t planned for. With that, Christmas shopping and our increased heating bill over winter, I could definitely do with getting my finances back on track! I want to pay off what I borrowed, and start an emergency fund for any unexpected payments we may have to make this year. I definitely feel a lot more relaxed when I have some savings!
January Savings Challenge
So this month, I’m doing a savings challenge. I’ve challenged myself to save £200 throughout January. This is going to be a combination of making savings on our outgoings, and physically putting money into a pot.
I’m going to be sharing ways I save money on:
- Household utilities and bills
- Food and grocery shopping
- Family activities and days out
Before Christmas I asked on my Instagram Stories if anyone fancied a January savings challenge, and loads of you said yes, so I would love you to get involved! All you need to do is set yourself a savings goal. It can be any amount you like, as long as it is achievable for you.
Throughout the month I’m going to be blogging about ways to save money, and sharing tips on my social media channels, as well as sharing my progress. Fancy joining in? Follow me on Instagram to see my updates. You can also sign up to receive email notifications when I publish new blog posts. If you want to share your progress, use the hashtag #tightwadsavings and we can all support each other to achieve our goals! Good luck guys, let’s smash this together!
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