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. A lot can change in a year, so I think it’s important w check over our budget and make sure it still fits our lifestyle. So, each January I start fresh and writing a budget that actually reflects our current income and outgoings. 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.
January Savings Challenge
So this month, I’m doing a savings challenge. I’ve set myself a target, and I’ll be doing a lot off different things to make sure I’ve got that amount saved in my emergency fund by the end of the month.
If you’re setting yourself a challenge, you need to set your own target. This can be any amount you like, as long as it is achievable to you. If you know you don’t have much disposable income, don’t set yourself a £600 target, then be disappointed if you don’t reach it.
Save on your monthly bills
If you want to save money, the first thing to look at is your regular outgoings. Write them all down and look at where you can save. Could you switch your energy supplier, car insurance or phone company? Comparison sites make it super easy to find the cheapest deal these days. Use a cashback site like Quidco or Topcashback when you take out new contracts to earn some extra cash.
Cut out unnecessary spending
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