Savings tips to help you beat Blue Monday

Monday 15th January this year is what is now known as Blue Monday. It’s been suggested this particular day is the most depressing of the year. However, research shows that it’s not the actual day that gets people down and makes them feel gloomy but simply the shorter days and less sunlight we have in January and throughout the winter months. It’s due to a wide array of factors, including the weather, credit card debt level, post-Christmas blues and failure to stick with New Year’s resolutions. We wanted to give you a few simple financial tips to help beat the January blues and get 2024 off on the right foot.

 

  1. Conquer your existing debt

Look at combining existing loans to get to a stage where you have one repayment that you are confident you can make every month and which reduces the stress of multiple direct debits going out of your account at different times. Start with the highest interest products like your credit card and work back from there.

 

  1. Set up a Christmas Cracker Savings account

Christmas is one of the most expensive and often stressful times of year, often leading people to get into debt either through loans or worse again, running up a large credit card bill. Take action now to ensure you have a more peaceful and stress free Christmas in 2024. Open a St. Canice’s Credit Union Christmas Cracker account and join hundreds of fellow members in taking control of your Christmas spending. The account is locked until November to ensure against any moments of spending weakness during the year and remember; as little as €10 per week now will mean you’ve put aside almost €500 for the festive season!

  1. Tidy up those direct debits

Look at when your income is coming into your account, if its monthly then you should try to pay your bills monthly too, ideally shortly after the money comes in. That leaves you with your budget for groceries and discretionary spending for the rest of the month. It’s extremely stressful if you’re not sure when a payment is due or if you have the funds to meet it and most companies will work with you to amend payment dates.

  1. Look at your current account fees

Most of us don’t like pouring over our bank statements or looking at our spending but take 10 minutes to check how much you’re paying in fees on your current account and if it’s too much take a look around and see if it makes sense to switch which can be quick and easy. Little savings here and there, over time, really do add up!

  1. Little and often wins the day

One of the big issues in January is we are all tempted to set unrealistic targets for ourselves which if they don’t happen can leave us feeling low! The same goes for our savings and wealth goals so take it one step at a time! Pick an amount weekly or monthly that you know you can afford to stick to. Make it regular and set it to come out of your account automatically as soon as you’re paid if possible. Once you have the habit created you can always increase it but every little bit going in each week represents progress and will give you that little buzz of being just that bit more in control.

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