Do your bills pile up in January? (Saving tips)

Member Name: kat696

Product:	Saving tips
Date:	30/01/09 (108 review reads)
Rating:

Advantages: Some good tips

Disadvantages: Self control required

"Do your bills pile up in January?"

This was a question asked on a blogging site that I am part of. When I answered this I realised that my blog post also fitted this section of DooYoo nicely too. So I thought 'why not post it here too, the more people it can benefit, the merrier!'

So here goes...

Personally, I don't see January any more problematic then the rest of the year. That doesn't mean I have it easy, it's just that I try to approach it in a sensible manner. In order to do this, you have to do some pre-planning with your budget. So here's my two cent's:

Utility Bills:

These are usually one of the heaviest of blows on your bank account, especially with the rising cost in fuels. My advice it to set up a fixed monthly direct debit so that you don't get any unexpected shocks. Even if your average use of utility increases, your DD will increase gradually with some notice, therefore giving you time to make adjustments.

Mortgage:

This is another devil! However your payments should already be paid through DD and thankfully worked out so they are affordable according to your circumstance. My advice to get the upperhand here is to put aside at least £80 each week and pay off a lump sum each year, gradually decreasing your debt and increasing your savings. (I know £80 seems allot, but if your household has an average anual income for this country it shouldn't be too difficult)

Rent:
Getting your own place is a big responsibility so hopefully you would have rented a place within your budget. My advice here is to deduct your rent straight out your income before you do anything with it and pretend it doesn't exist. This way you shouldn't be short on cash to cough up the rent.

Car Expenses:
The best advice I can give is to take a step back and asses your travel needs. Do you really need a car? How far do you have to commute to work? Maybe you could cancel that unused Gym membership and walk to your destinations and back each day. But if you really can't kiss your car goodbye the use a good comparison site for your insurance and other expenses that your car brings upon use. I can truely say that some of the savings you can make are incredible!

Credit Cards:
I can go on and on about this, but I think I'll have to just make it short and sharp. Firstly search out a good balance transfere/APR deal then set up a DD each week to help you clear your debts fasters and stick to it. Even if it's only £20 a week, You will be surprised at how fast your repayments add up and save you from the unexpected January shockers.

And to finish off here are a few small changes you can make to your lifestyle in order to see big changes in your budget:

Cook meals at home, not only will it save you money, it's also fun and healthy.

Stock up on dicounted offers on essential items.

Limit nights out- Instead call mates over to your place to watch a movie, everyone can bring something edible with them.

Make your own packed lunches

Sell items you don't need on Ebay to pay for things you do need off ebay.

Have a car boot sale.

Swap items with friends.

Borrow clothing off friends for special occasions or hire out instead of purchasing.

And the list continues...just use your mind and not your pocket and you should be safe and sound in January!

Thanks 4 Reading and a Happy New year
Kat

Summary: Give this a shot, you've nothing to lose...