I get it, now that January is out of the way we feel fresh into the year, and our focus can change from worrying to what we want to do. Of course, I am referring to your financial situation.

January is always going to be hard. There seems to be such a long wait for your wages and money can seem extra tight after the added expense of Christmas. So how can you start to make positive changes? I wanted to share with you some of the ways you can do that, so that any goals set for improving your finances can be reached.

Take a long look at your bank statement

It is time to get serious with your finances and the first place to look at what your current situation is realistically is your bank statement. Grab a whole months worth and look through every transaction. Highlight what you think can be removed permanently and payments that you are not sure about and then investigate them.

Sometimes it is only when you do this that you realize that you have payments leaving your account that you thought were canceled or you may not have been aware of. The most of common of which is gym memberships you once canceled and magazine subscriptions you no longer receive. Make it your mission to only let payments leave your account that are for things that you want to pay out for or that need to be paid.

Is debt causing you a real problem?

Debt can be a huge problem to some people, and can be a big chunk of your income spent on credit cards and loans each month. If you do nothing about it, you might find that you end up in a phase where you debts are never really repaid, or it takes too long to repay them back in full thanks to interest changes. The best advice is to tackle this issue first and get a plan in place.

If it has become completely unaffordable then you may look at consolidation loans, but make sure you research companies ahead of making contact such as Pebblestone Financial to ensure that you deal with the right people for your situation. If you can afford, but want to make it your mission to pay off, then try and look at paying off the one that is costing you the most first. Paying more than minimum payment to the likes of credit cards can help you in the long run.

Can you save any money on your current outgoings?

Finally, can you save any money on your current outgoings? Food is one of the biggest bills we pay out for each week, and yet it is in our complete control. Things like meal planning and writing a list can significantly reduce what you spend. You could also consider changing providers for things like energy and insurance products.

Often these companies save their best rates for new customers and don’t reward loyalty. Switching is easier than you think and most companies handle the change for you.

I hope these tips help you to improve your finances.