Millions of workers across Scotland and the rest of the UK are set to receive their December pay early this month due to Christmas and New Year falling on the weekend, causing the following Mondays and Tuesdays to be classed as Bank Holidays. While this may feel like an early financial festive gift, it means there will be longer to wait before the next one in January.
The start of a new year can be a tough time for many households, but the ongoing cost of living crisis and soaring energy bills is set to make it an even more challenging month for most as they try to balance budgets and make their pay stretch another week.
While it may be hard to think about money, budget planning and finances ahead of Christmas, making small changes now could have a huge impact in January and ease some money worries.
Below are seven realistic ways to tighten your financial belt and help make your money last until your next pay day in January.
Check your balance regularly
The main thing to do between now and your next pay day is to regularly check your bank balance.
Being aware of how much money you have coming in and going out, especially when payments or bills are due, will make you more aware of how much you have to spend.
Keeping a list of all outgoing payments either on paper or in the notes application on a phone, tablet or PC, can help you budget within your means and greatly reduce the urge to overspend.
Do not be tempted to use December's pay to fund last-minute Christmas shopping
If you receive your December pay this week, it might be tempting to start digging into it to buy last-minute festive gifts or stock up on extra food or fizz for the festive fortnight - leaving you with even less money to get you through January.
If possible, try to finish your gift shopping with the pay you received in November and remember, most people are cutting back this year so don’t put yourself under pressure to spend beyond your means.
Set a budget
Figure out what money you have left over after paying your regular bills and buying necessities, such as food, utility bills, fuel for your car or cash for your commute. From here, you can see what you're left with and then divide the remainder between the days or weeks you have before your January pay day.
Keep your budget separate
Once you've set your budget, keep the amount for essentials somewhere physically different, such as in a separate account. It may look like a stark amount left, but it will make you more conscious about what you can spend your money on.
Search for those yellow stickers
Christmas Eve and Hogmanay could bring spoils without the spends as supermarkets will be reducing stock dated December 25, 26 and possibly 27th in an effort to reduce loss through non-sales.
Fresh fruit and vegetables are also likely to be reduced ahead of stores closing for Christmas and Boxing Day, especially staples which will be in bulk supply.
Fresh festive party treats, turkeys, joints of beef, trifles, cream, cooked hams and even milk will be ones to watch out for - along with other short shelf life products found in the dairy or produce departments.
If you’re in the supermarket before Saturday, check the dates and stock levels to give yourself an idea of where the reductions are most likely to be on Christmas Eve. An initial discount will be applied early on Saturday but the bigger deals will come an hour or two before closing.
Batch-cook meals and try out new recipes
If you have a variety of items in your cupboards and aren't sure what to make, there are many apps and websites where you can input the ingredients and recipe suggestions will be offered.
The pandemic and two years of lockdown also created a boom in YouTube creators sharing tips and tricks for making at home versions of popular food products including favourites from Greggs, KFC and popular takeaway dishes - all for a fraction of the cost.
Shop around for discounts and deals
Before making any purchase instore or online, do a quick web search to see if there are any discounts or deals available.
If you’re planning a supermarket shop, checking the online store doesn’t require an account and you can quickly find mutlibuys, discounts and special purchases to help you make your money go further.
Make sure to use any loyalty schemes with the shops and retailers you use regularly as these could give you additional discounts or rewards including cashback or vouchers.
To keep up to date with the latest cost of living news, join our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out four times each week - sign up here.
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