6 Tips to Conquer the January Financial Blues

Join us as we discuss kickstarting your financial goals, defeating the budgeting blues, and avoiding unnecessary credit card spending. Below are practical tips to outsmart impulse buys, decode tricky sales tactics, and tame those credit cards. The 6 tips below are a sure place to start.

(1) Set Your Financial Goals

It’s important to first figure out what you want to achieve financially – take a moment to reflect and set clear financial goals. This might also be the perfect time to assess any lingering holiday buyer’s remorse (trust us – you’re not alone!). Keep your goals realistic and achievable by breaking them down into bite-sized, incremental victories. Ultimately, setting realistic goals is key, otherwise, you risk setting yourself up for failure.

(2) Budget, Budget, Budget!

There’s no shortcut to financial success! If you want to achieve financial stability, creating a budget and, more importantly, adhering to it, is the proactive step you should take. Even though it's a bit dreaded, conquering your budget is the ultimate key to financial stability and success.

(3) Avoid Impulse Buying

Take a moment to reflect before making a purchase. A good rule of thumb is to wait for 24 hours before finalizing a purchase. Alternatively, you can think about setting up a special list of things you’re eyeing. After some time, you can come back to that list and make choices with more thought, making it less likely to splurge on things impulsively. It may also help to unfollow accounts that trigger your urge to buy. Lastly, be mindful of your emotions - impulse purchases are often linked to feelings. If you tend to purchase more when stressed or overwhelmed, you may want to steer clear of shopping during periods of stress at work or home.

(4) Resist Sales

It's easy to fall into the trap of thinking that something is a good deal just because it's labeled “on-sale”. However, this isn't always the case - particularly if it's something you don't need. Beware of multibuy deals or special promotions, as they may result in unnecessary expenses and waste. That said, a strategic approach to sales can actually lead to savings, but it needs to be done deliberately with accountability checks.

(5) Hide the Credit Cards

A helpful way to curb overspending is to remove the temptation of using credit cards. Consider physically hiding your credit card in an out-of-sight location. This simple tactic minimizes the temptation to use credit impulsively, encouraging intentional and budget-conscious financial choices. Additionally, disabling online payment methods such as Apple Pay provides an extra layer of accountability, helping you strengthen your new financial habits.

(6) Give Yourself Grace

Most of us have made financial mistakes and many of us have experience with financial holiday hangover. Acknowledge that financial missteps are a part of everyone’s journey is part of the process. It’s also perfectly normal to experience financial concerns, and it's something most of us will encounter at some point in our lives. Recognizing these challenges is the initial step toward addressing and resolving financial worries. Instead of avoiding them, confront these concerns with a proactive mindset, taking the necessary steps to manage and improve your financial situation. This compassionate approach fosters resilience and empowerment, transforming financial challenges into manageable steps along the way.

You now have the initial steps to get started and beat those January Blues. Remember - it's not just about finances - it's also about building a path to your confident and empowered financial future.