Money Saving Tips to Beat Blue Monday

Every year, the third Monday of January is dubbed ‘Blue Monday’. According to psychologist Cliff Arnall, this day is considered the most depressing day of the year due to a combination of factors such as the winter weather, post-Christmas debt, and low motivation levels. As Blue Monday approaches, experts are offering tips to help people take control of their finances and save money.

Firstly, it is important to assess your financial situation and be realistic about how long it will take to pay off any debts. Consider transferring debts to a 0% balance-transfer card to save on interest payments. Shop around and compare deals as credit card conditions may have become tougher. Use credit card eligibility checkers to avoid leaving a footprint on your credit report.

Set manageable goals by focusing on one area of debt at a time and set realistic targets for paying it off. If you relied on ‘buy now, pay later’ apps during Christmas, focus on making timely payments and consider removing these apps to avoid temptation. Boost your income by selling unwanted items online, such as clothes or furniture. Use cashback apps and websites when making purchases to earn money while you spend.

Once debts are under control, it is important to build up cash savings. Despite low returns, having cash reserves can provide a safety net during financial difficulties. Use reliable websites and platforms to find the best savings accounts for your individual circumstances.

By following these simple money-saving tips, individuals can take control of their finances and beat the financial blues associated with Blue Monday.