This week sees the start another new year, and for many getting out of debt might be the number one goal - still, It can be hard to know where to start. Matt Dronfield, Head of Debt Free London, shares his 22 tips to make your money go further in 2022.
January can feel like a long month when you're trying to make money stretch until payday - an early payday in December, celebrating the festive season and buying gifts mean that many people struggle to make ends meet at this time of year. We know that half of those already in debt will be in a worse financial position after Christmas with 20% worried they will be unable to recover, according to research from YouGov.
With that in mind I have spoken to my colleagues across our Debt Free London service and compiled a list of 22 top tips to make your money go further in 2022:
1. Use your local library for books or magazines instead of paying for them yourself. Libraries are also great places to find out about free local activities and groups you can join.
2. Instead of buying new clothes, try a few of the hundreds of charity shops around London. You can find all kind of pre-loved clothes - even vintage or designer items - at great prices.
3. Plan meals in advance so you can ensure you buy the ingredients as part of your groceries instead of ending up buying expensive takeaways or deliveries.
4. Check whether you could save on your insurance and utility bills by switching provider.
5. Buy in bulk - whether it's online shopping or in-person, you can save a lot of money when you buy non-perishable goods (like soft drinks or tinned food) in bulk.
6. Before replacing any broken goods, check with the manufacturer or at a local repair cafe whether you can repair it instead.
7. Use free online workout videos and exercise plans instead of spending money on expensive gym memberships.
8. Similarly, when possible, join free exercise groups instead of signing up for paid classes.
9. Avoid wasting food and regularly check your fridge and cupboards for anything that's about to expire.
10. Join Dry January - ditching alcohol after the holiday season not only has health benefits but can save a lot of cash.
11. Check whether you could save money by switching your mode of transport or buy getting a railcard. And don't forget to claim online for a partial (or total) refund if your train is delayed by more than 15 minutes (or cancelled).
12. Before spending a lot of money on anything, always check online to see if you can get the same thing or any alternatives cheaper elsewhere.
13. Sell any unwanted items online e.g. on eBay or Etsy.
14. Consider changing your mobile phone plan to a cheaper or sim-only alternative.
15. Sign up for loyalty cards, newsletters, and free apps for shops where you go regularly - you will likely be able to access not just loyalty schemes, but regular discounts.
16. Check the tax code on your payslip to make sure you're not paying too much income tax.
17. See if you could benefit from switching banks or changing to a different type of bank account.
18. Go through your past bank statements to see if there's anywhere you're spending money that you don't need.
19. Cancel any subscriptions you don't need or want anymore - be sure to check your bank statement and direct debits in case you're still paying out for something you thought you'd cancelled.
20. Use a free online benefits calculator to check if there is any unclaimed financial support you should be entitled to.
21. Draw up a monthly budget - make it realistic so you're more likely to stick to it.
22. Seek free, expert debt advice! Our trained and accredited advisors are here to help you with any problem debts you may have.
Related Stories
Dealing with money worries
Mahfoozur Rahman, a Trainee Debt Advisor at Debt Free London, writes openly about dealing with his own money worries and his motivation for helping others with theirs.
Save Money on Meals for Your Kids this February Half-Term
The February half-term break can be a financial burden for families trying to keep their kids entertained. However, several restaurants, supermarkets, and retailers across the UK have introduced freebies and discounts to help ease the pressure.
Get #FinanciallyFit in 2020
This week sees the start of not just a new year, but a new decade, and for many getting out of debt might be the number one goal - still, It can be hard to know where to start. So, what can you do now to stay on top of your bills and how can you prepare to be #FinanciallyFit in 2020? Matt Dronfield, Head of Debt Free London, takes a look.