After the indulgence of Christmas, it’s time for No-Spend January

December was full of fun, festivity and frolicking. But sadly now it’s time for the fallout… The Christmas holidays tend to hit us hard in our bellies, our livers and our pockets, causing January to be the month of abstinence with many of us vowing to diet, or endure an alcohol-free dry January.

So for those of you who have been hit hard in the wallet this Christmas, why not do a similar thing with your cash? OK, we admit committing yourself to a dry financial January doesn’t sound like a barrel of laughs but guess what? It can be fun.

This is how to make the most of a No Spend January:

• Cut down on the food/drink. Shrink your outgoings and your waist at the same time! If December’s month of indulgence and bleary-eyed partying left you desperate to recover, cut down on inessential food and drink by saying no to the late-night nuggets that leave you full of regret.
• Declutter. Look around your home, we bet there’s so much that you don’t use, don’t need, don’t even like. And you know what, lots of it can make you as nice bit of money if you flog it on online.
• Cut down on those casual coffees. Recent research shows that people who get their daily fix from Starbucks spend more than £660 on coffee a year. Take a flask with you to work, it’s so much healthier anyway.
• Make sure you use up all the food you buy. Post-Christmas is a particularly crucial time to do this with research indicting two million turkeys, five million Christmas puddings and 74 million mince pies are binned each winter across the UK. Don’t throw it away, be creative with your surplus. Alternatively if you’ve used up all your Christmas food, why not check out the free app Olio so you’ll be connected to neighbours who have surplus.
• Walk instead of taking transport. Again, another trick that will be good for your wallet and physique.
• If you have to drive, car-share. Start a rota with colleagues and help the environment, make new friends and most importantly, save lots of money.
• Take advantage of your local library. Who needs to buy books, when you can borrow all you need from your local library?
• Indulge in Britain’s rich culture and heritage. You don’t need to buy entertainment, go to museums, art galleries etc. You’re not only saving money but you’ll have a great time.
• Cut down on invisible spending. Not buying that morning coffee/pastry/magazine you routinely purchase yet don’t need could save you up to £900 a year!
• Reduce your energy costs. Turning off lights, wearing a jumper or using hot water bottle can save you hundreds of pounds.
• Don’t use your debit/credit card. If you restrict yourself to cash, you are much more aware of what you are spending and whether you really need it or not.

We don’t literally expect you to spend nothing – but Low Spend January doesn’t sound as good as No Spend January. So this New Year commit to making small savings everyday that can help you make the most of your money.