BLUE Monday can leave us feeling down in the dumps with cold weather and long nights – and money worries make it even worse.
Up to 40 per cent of households feel financially constrained after Christmas, according to a new study by VoucherCodes, but budgeting can help lift our mood.
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Jon Wilson, savings manager at Coventry Building Society, says: “Getting financially fit helps people feel better about themselves and do more of the things they enjoy – much like getting physically fit.”
If you don’t know where to begin, take our fun quiz to help you get on track plus see helpful tips from experts below.
Bank accounts
Banks often offer free cash to entice people to switch, like First Direct is giving £175 to new customers.
Only take advantage of this if the account suits your needs.
For example, you might need a 0 per cent overdraft facility, Nationwide offers this for 12 months.
If you want high interest, Barclays is offering its customers a linked savings account paying 5.12 per cent, up to £5,000.
People with high outgoings might prefer Santander Edge’s 1% cashback on bills and supermarket and travel spending.
Subscriptions
Consider whether you need Disney Plus (£7.99 a month), Amazon Prime (£8.99 a month) or a gym membership (typically £40 a month).
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Cancelling them all would get you £700 a year.
Savings accounts
The top-paying account is Santander’s Santander Edge Saver, which offers 7 per cent on balances up to £4,000.
The worst pay a pittance.
Rachel Springall, from finance site Moneyfactscompare.co.uk, adds: “Check the best deals every three to six months as the market moves so quickly.”
Car insurance
Car insurers look favourably at drivers who organise their premiums in advance, with the cheapest time to get quotes being 23 days ahead of your renewal date.
MoneySavingExpert found car insurance premiums were £504 cheaper on average.
Petrol and diesel
By filling up at a supermarket instead of on the motorway you can save around £14 a go for a family car, based on the latest RAC fuel tracker.
The PetrolPrices app finds the nearest cheapest forecourt to your location.
Loyalty schemes
Retailers know we’ll stay loyal if they offer us sweeteners, like Tesco is currently offering double Clubcard points on shopping and the Nectar app has competitions to win air fryers and points.
Find out more about bonus offers on your retailer’s app or register for their email newsletters.
With Clubcard, you can get twice the value of your points by redeeming with a reward partner like Disney Plus, RAC or Leeds Castle.
Shopping
Cashback sites can earn members £300 a year on their usual shopping.
Join a site such as Topcashback or Quidco and click through to your chosen retailer, before carrying on with your shopping.
Voucher codes are an alternative way of getting discounts.
For extra savings, download a browser extension, such as PayPal’s Honey (joinnhoney.com), onto your computer to search the internet for a voucher code before you buy something online.
Energy bills
Most people are paying rates equivalent to the price cap, currently £1,928, but there are marginally cheaper deals available.
Eon Next, for example, has a tariff that charges 3 per cent below the price cap and is available to new and existing customers.
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Octopus Energy offers its customers a tracker deal where prices change daily depending on the wholesale rate.
It has been cheaper than the price cap in recent months.
