As part of my Money Monday series so far, I have covered credit, financial stress and how to manage your debt.
This week I am going to focus on Blue Monday. Coined as the most depressing day of the year, it is also the third week in the month after Christmas and New Year. If like me you were paid just before Christmas, you will be scrambling to the finishing line awaiting pay day!.
Get rid of your financial stress
Money worries cause financial stress, which can have a detrimental effect on your health and relationships. Most of the time we are stressed because we feel that the situation is out of control. However, when you start to take back control of your finances. However gloomy or downright scary it may seem. You will start to feel more confident about yourself.
Own up to your debt
Christmas, New Year and being paid way too early in December can lead to a number of financial struggles in January.
Credit card debt. Pay day loans. The stress that these all cause are equally as damaging. However, don’t bury your head in the sand. Write down all of your debts with how much you need to pay each month.
Start a budget planner
It might sound boring, but believe me it is the best way of visualising your debts and understanding what is owed on a monthly basis.
Credit card debt. Pay day loans. Bank loans. Capture everything including the APR (annual percentage rate) that you are paying these debts back. If you have any pay day loans get rid of these as soon as you can, as these can spiral out of control.
Use a spending app
You have to get into the habit of this, but download the spending app today! Categorise your spending e.g. food, going out, clothes and over time you will start seeing where your money is going.
Make today a #BrighterMonday
According to StepChang Debt Charity, more than a quarter (27%) of the UK’s adult population feel uneasy about their finances*. Even more worrying, 13% of those feeling uneasy don’t know where to find advice about money and debt, and 13% of those aged 18-24 are too embarrassed to get advice.
If you are reading this blog page, hopefully you will be looking to improve your finances. I amassed a large amount of debt when I first moved to London, and have spent years looking at ways of bringing these down. If I can do it, you can. Just make a change today.
*StepChange Debt Charity commissioned YouGov to survey GB adults on how they were currently feeling about their financial situation. The poll was based on 1704 GB adults, with fieldwork undertaken online between 3-4 January 2019.null
Enjoy the little things
What better way to celebrate Blue Monday by treating yourself. That might go against everything that has just been said in this article. However, it’s not. Address your finances but do something nice for yourself today.
Keep an eye out for all of the #BlueMonday promotions too. MacDonalds are giving away a FREE cheeseburger to anyone who orders from the app today.
One of the best things about living in the city is being able to do things for free. In London alternative entertainment for the budget conscious, you can find lots of cheap ways of having fun in the city.
Let us know in the comments below what you would like to see covered as part of our January Money Mondays series.