Many workers paid early before Christmas face a five-week wait until their next salary arrives
As the festive period comes to an end, the stark reality is that those who received their December wages early due to the bank holidays are now facing an extended wait until their next payday in January. For some employees, this could mean toughing out a five-week gap – or even longer – between paydays.
The dawn of a new year is often a financially challenging period for many families. With the ongoing cost-of-living crisis, coupled with another slight increase in energy bills that took effect on January 1, this year could prove particularly tough.
However, putting a few minor financial changes in place at the start of the month could remove a lot of concerns and tide you over until your next payday. Here are some practical tips to help you tighten your purse strings and ensure your money lasts until your next payday in January, reports the Daily Record.
Regularly check your balance
One important step to take between your December payday and the next one is to keep a close eye on your bank balance. Staying informed about your incoming and outgoing funds, particularly when payments or bills are due, will give you a clearer idea of how much you can afford to spend.
Keeping a record of all outgoing payments, whether on paper or in a notes app on your phone, tablet, or PC, can help you in budgeting within your means and significantly curb the temptation to overspend.
Set a budget and keep it separate
Work out what cash you have remaining after covering your regular bills and purchasing essentials, such as food, utility bills, petrol for your car or money for your commute. From this point, you can see what’s left and then split the remainder across the days or weeks until your January pay day.
Once you’ve established your budget, keep the sum for essentials in a physically different place, like a separate account. It might seem like there is only a small amount left, but it will make you more mindful of what you can spend your money on.
It’s also vital to keep track of any Direct Debits, standing orders and recurring payment dates, so you don’t get caught off guard and end up going into overdraft. Any dates that normally fall around the start of the month could shift due to the Bank Holiday, so it’s worth checking everything.
Hunt for those yellow stickers
The 2nd of January could bring bargains without the big spending as supermarkets will be discounting stock leftover from New Year in an attempt to minimise loss through non-sales. Fresh fruit and vegetables, festive party snacks, turkeys, beef joints, trifles, cream, cooked hams and even milk will be ones to keep an eye out for – along with other short shelf life products found in the dairy or produce sections.
- Top tip: If you see double cream reduced, buy in bulk. Pour it into a stand mixer with the balloon whisk attachment and whisk at high speed for around 10 minutes. The cream will separate, leaving you unsalted butter and buttermilk. Shape it into a block and store it in the fridge.
Batch-cook meals and experiment with new recipes
If you have a variety of items in your cupboards and aren’t sure what to whip up, there are loads of apps and websites where you can enter the ingredients and recipe suggestions will be provided.
The pandemic and extended lockdown periods have sparked a surge in YouTube creators sharing hacks for creating homemade versions of popular food items, including favourites from Greggs, KFC and beloved takeaway dishes – all at a fraction of the cost.
Shop around for discounts and deals
Before splashing out in-store or online, it’s worth doing a quick internet search to see if there are any bargains or offers available. If you’re planning a supermarket spree, checking the online store doesn’t require an account, and you can help spot multibuys, reductions and special purchases to help stretch your budget further.
Be sure to take advantage of any loyalty schemes with the shops you frequent. These could offer you extra discounts or rewards, including cashback or vouchers.
