1. Don’t forget those January bills
Here’s a really scary thought, you may have just been paid, but you have 40 days to the next pay cheque!
Receiving your December pay cheque 10 days sooner than normal may feel like Christmas
has come early, but the downside is that most of this is spent by the end of the month so when those January bills and debit orders arrive, any New Year’s resolution to close your credit cards and overdraft will be broken.
If you want to start January financially fit, make sure your January bills are paid before you start spending.
2. Get ahead of January expenses
January usually means school fees need to be paid and uniforms and books need to be bought. Do the stationery and uniform shop this week and pay those school fees. This will also save you a great deal of stress when it comes to getting the kids school-ready before term starts.
Pay any other bills that will become due at the end of the month. If you’re going away, this also means you won’t have to worry about paying bills while on holiday.
3. Work out your budget
Calculate what debit orders will go off your account at the end of the month and make sure you keep money aside to meet them.
Also keep money aside for day-to-day expenses in January, including petrol and groceries. You don’t want to have to start dipping into the credit card just to eat!
If you are worried that the money will get spent if it stays in your account, transfer it into a savings account linked to your bank account via Internet banking. You can transfer the funds back into your account the day before your debit orders go through or at the beginning of the month to fund your daily expenses.
4. Settle your bond early
The interest on your bond is calculated on a daily basis so you save interest by paying your mortgage even one day earlier. If your mortgage payment goes off your account on the first of each month, for example, but you get paid on the 25th – just by paying those extra five days earlier each month will save you interest over the long term. Speak to your bank about setting a debit order for your preferred date.
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