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Top Tips to Help with January Money Worries and Taking Control of Your Finances

With Christmas done and dusted, January can bring a burden of financial stress and worries. These worries often create a vicious cycle of avoidance that leads to panic and increased debt. Here are our top tips to help you take control of your finances for anyone who is struggling:

Tip 1: Understanding Your Finances. One of the first steps in taking control of your finances is to understand what you are spending each month. Start by writing a list of your income and your outgoings, then do this calculation: Total Money In - Total Money Out = Money Left Over. Please do not panic if there is more money going out than coming in. There are lots of free debt advice services available, some are listed at the end of this article. 

Tip 2: Making Small Changes. If you're wondering where your money is going each month, ask yourself, are you spending too much money on something e.g. electricity or a phone bill? Once you've decided what you need to change, take that task and cut it down into small achievable steps. This helps avoid being overwhelmed.

Tip 3: Researching and Price-Comparing. Following tip two, researching and price-comparing your energy bills is a great step to help save money by ensuring you’re on the best plan for you. There is plenty of information out there like Money Saving Expert, Martin Lewis, who regularly shares money-saving tips and deals, click for January.

Tip 4: Seek Advice and Support. Often the hardest step to overcome but once accomplished brings great relief in doing so. That feeling of shame, embarrassment or guilt often causes people to become withdrawn and damaging to our mental health. Seeking advice and support is so very important I you are experiencing this.

If you found this article useful and would like a resource to refer to or send it on to a family/friend, take a look at our Money and Mental Health Toolkit. However, if it feels too stressful and overwhelming to get started, speak to us and find support through your local service.

Useful debt advice services we recommend are:

Mental Health & Money Advice: www.mhma.org.uk/toolkit. StepChange Debt Charity: www.stepchange.org or call 0800 138 1111. National Debtline: www.nationaldebtline.org or call 0808 808 4000. Money Advice Service: www.moneyadviceservice.org.uk or call 0800 448 0814. Turn2Us: www.turn2us.org.uk



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