Looking for some solid money advice?
Check out today’s contributed post and start the next year off great financially.
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At the time of writing, Christmas is on the way! This is great news, of course, and we hope you have a wonderful festive season, but let’s be honest.
Christmas is darned expensive. With food and presents to buy, as well as the extra impact on our utility bills as we turn up the heat to stave off the cold, we are going to feel the pinch in the new year. You know, we know it, and even Santa and his elves know it, despite their magical powers.
Still, we have some ideas to help you beat that new year financial slump. Take a look below, and use our money advice to both preempt and overcome your money woes.
Related to money advice on avoiding a financial slump:
- How To Make Money: 2019 Guide
- Money Mistakes To Avoid In 2019
- Saving For Retirement: 2019 FAQ Guide
- Make More Money: 10 Ways To Make An Extra $100 Per Week
- 31 Life Hacks to Save Money Quickly
Start saving before Christmas
Let’s start with some money advice to preempt the possibility of empty wallets as the new year starts. The more money you can save now, the less worries you will have after Christmas has gone.
- Shopping for presents. Set yourself a budget for each person, and stick to it as much as possible. Make use of any shopping vouchers you may have accumulated over the year, and use a cashback credit card, so you at least make some money back on what you buy. And if opting for the latter, ensure you pay back the debt on time so you don’t incur interest fees. Alternatively, consider making homemade presents. This is cheaper than buying something the person might already have/get anyway, and it is a far more personal gesture than opting for something commercial.
- Shopping for food. Don’t overbuy! The tendency is to clear the supermarket shelves of items just in case we don’t have enough on Christmas Day. The trouble is, we only end up wasting food because we have bought too much, so resist the temptation to overfill your shopping basket. Everybody hates Brussels sprouts anyway, so you can cut them from your list. And then consider these clever ideas to save money on your Christmas food shop, as you can alleviate further risk to your diminishing bank funds.
- Set aside a portion of money. Whether you set up a new savings account or put the money in a jar, put some of your money to one side, as you will then have some cash to help you as you kickstart the new year.
Dealing with the Christmas fallout
If you have managed to save some money over Christmas, you will have a better start to the new year. However, if you do find yourself struggling, these are some of the things you might do.
- Get busy on Amazon. If you already run a home-based business, you might be used to selling your products on Amazon already. Maximize your earning potential at the start of the year by checking out Amazon’s pricing strategy. Check here to discover more. However, this is also the time to sift through any unwanted Christmas presents you may have cluttering up your home. Rather than keeping them out of guilt, use some of the pricing strategies in the linked article and put your gifts up for sale. Not only will you get to declutter your house, but you will make back some money as well. Result!
- Look for other ways to make money. Selling your unwanted stuff on Amazon is one way to make some money, though there are other places to sell your things, including eBay, Etsy, and Craigslist. You might also take on some extra side-hustles to generate some income, be that taking surveys, babysitting for your neighbor’s kids, or renting out a room (once your Christmas visitors have vacated it). Check out our ideas here. Not only will you make extra money at the start of the year, but you might also use some of these ideas to generate extra income throughout the year.
- Start to make savings. When you have no money, the last thing you want to do is create further problems for yourself, so start to practice frugal living. Save money on your utility bills by changing energy supplier and using less energy around the home. If you have leftover food from Christmas, reuse it rather than throwing it away. You will have less need to go food shopping this way. And start your new year exercise resolution by using your car less. If you can get to where you need to be on foot or bicycle, then you will have less need to pay for fuel on your gas-guzzler.
- Don’t get into further debt. If you have little or no money, you may be tempted to take out another credit card or loan to help you make ends meet. Our money advice is don’t! If you can get by living frugally for a while, then you won’t need to add to any debts you may already be in. If you are struggling, speak to friends and family, as they may be able to help you in the short-term. Contact your utility providers and explain your situation to them, as they may be able to give you a payment plan to help you make ends meet. And if you are genuinely struggling, consider using a food bank so you at least have something to eat, and speak to your local debt charity for professional advice.
Make some New Year financial resolutions
Set yourself some money goals at the start of the year. Not only will they give you a clearer perspective in dealing with your finances in the short-term, but they will also alleviate any pressure you have this time next year.
- Pay off your debts. The more debt you have, the less money you have in your pockets. Not only does this hinder you in your daily life, but it also increases the temptation to get into further debt when you are trying to deal with your everyday expenses. Therefore, make the vow to get out of debt for good, using our tips to help you deal with the problem.
- Set up that emergency fund. Want to avoid getting out a financial mess at the start of 2020? Get that emergency fund in place, putting aside a portion of your money each month to help you get out of a tight squeeze in the future.
- Save for what you want. Looking at the year ahead, you probably have all kinds of plans and ideas. List the goals you have in mind, be that going on a holiday, buying a new car, or any other such luxury/need on your agenda, and then with those goals in mind, start to save your money to meet them, instead of driving yourself into further financial pain by adding to your debts.
Use our money advice in the New Year
We hope these ideas helped, but let us know what you think. And if you have any further money advice for our readers, do the right thing, and let us know your tips.
We hope you have a very happy Christmas and New Year!
Thanks for reading.
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