You’ve overspent during Christmas and Boxing Day, now what?
It might be your New Year’s resolution to get your finances back on track this year, or maybe you just want to set yourself up for a healthier bank account in 2021. The good news is, with a little planning and some help from us, it’s easier than you think to improve your finances this year.
To help you out, we’ve put together a list of a few things you can do to improve your finances right away…
1. Pay off what you can
Sit down and work out exactly how much you’ve overspent during the holidays so you know what you’re working with. Don’t forget about what you might have put on store cards and any ‘buy now pay later’ deals. Then your first step is to pay off what you can. It might not be a lot to begin with, but every bit helps and the more you pay off now, the less debt you’ll have interest being added to. Better still, you can avoid missed payment penalties. If you need help, talk to us on 0800 760 000.
2. Track how much is coming in and going out
With knowledge comes power! Whether it’s weekly or monthly, the first step to making a change with your finances is to gain an understanding of your income, spending habits and where there might be some room for improvement. Say for example, you notice you’re spending a bit too much on takeout, you could look to do some meal planning and buy your groceries at half the price! If ‘lockdowns’ in 2020 taught us anything, it was that we can bake and make amazing food at home. The key is to start small, say with just one or two nights a week, and slowly build on your new saving habits.
3. Make a budget!
The key to creating a budget is being reasonable in what you can accomplish. If your budget is too restrictive or impossible to meet, you won’t stick to it. Plan out your expenses and give yourself a little wiggle room to do some of the things you love. If you need some extra cash or some help building a budget around your loan, we’re always here to help!
4. Be smart with your purchasing!
With so many of us spending a lot more time at home in 2020, you may have found some household items just didn’t go the distance. So, if you do find the worst happens and it’s time for a technology upgrade or a new washing machine, don’t worry! Chat to our mates at MyHome where you can pick-up brand-new products on payment terms, with zero deposit, and to suit your budget – all powered by Instant Finance!
5. Get a debt consolidation loan
If you’ve found the Christmas in-store ‘buy now pay later’ deals, Boxing Day sales and other lending too tempting over the festive season, a debt consolidation loan could be the way to go. This can help you get on top of your finances once again and clear your debt fast by putting all your debt into one place with one easy, fixed interest repayment to make. If you have already missed some payments on your debts, a debt consolidation loan can clear your defaults and allow you to begin to rebuild your credit history immediately.
If a debt consolidation loan sounds like it will help you bounce back and make 2021 your year, drop into any Instant Finance branch, call us on 0800 760 000 or even apply online now!
6. Plan for this Christmas!
It might be nearly a year away but time slips by fast! Whether you open up a savings account or start a cash jar that you promise you won’t touch, it’s a good idea to start putting a few dollars away every week. Your money will quickly add up and then by this festive season, you’ll have some extra money for presents, the holiday road trip or maybe even flights out of the country if we have some travel bubbles by then!
Even then, if you still need a little help to fund your next Christmas plans, we are always happy to help.