The gloomiest day of the year is purported to be the 15th of January, with the financial hangover after Christmas being one of the main contributing factors.
Credit cards and overdrafts tend to be used by many people to get them through Christmas, resulting in interest charges that it would be preferable to avoid.
Here are 3 tips to help you to get back on track:
1. Don’t go further into debt
If there is an unpaid balance on your credit cards, or you have allowed your current account to go in to overdraft, apply for a balance transfer card and reduce your debt with the new card at the 0% rate. This will vastly reduce your repayments.
The interest-free period on the new card then needs to be fully taken advantage of in order to clear your debt.
2. Work out what you can cut back on
Make sure you keep track of your expenses, as there may be things that you can eliminate in order to get you back on track. There are apps such as Monzo or Starling Bank which could help you to visualise your expenses and identify the problem areas.
3. Remove temptation
Once you have managed to get back on track, restrict your access to your card so that you don't build another debt mountain!
Contact Westminster Wealth Management in order to convert your newfound financial responsibility in to a long term financial plan that could benefit you and your family well in to the future.
Face your finances head on to beat Blue Monday