As 21^st January rolls around, the dreaded Blue Monday is upon us once again.

With Christmas a distant, expensive memory and the good intentions of the New-Year-new-you beginning to wane, this Blue Monday is enough to make the most resilient of us a little more than off-colour. Through a complicated formula blending everything from low motivational levels to the dreary January weather, the third Monday of 2013 is dubbed the most depressing day of the year.

When you factor into this the bleak financial outlook of a payday for many still over a fortnight away, the escalating cost of living, combined with the awkward timing of present-laden credit card bills landing on doormats up and down the country, it doesn’t get any easier.

In a recent survey by HSBC, this year’s Christmas’ spending habits saw consumers splashing out on average £346.63 for presents just for immediate family, with one in two British people putting the doom and gloom of the economic squeeze aside to spend the same amount as last year. This average figure becomes even more of a sizable dent in many household incomes with 94% of British consumers also spending a considerable amount on food and drink, including entertainment and going out over Christmas. All this adds up to make January unmanageable as many people are resorting to expensive short-term loans to cover day-to-day costs.

Reflection not depression

For those left nursing a financial hangover from Christmas, reflection not depression is key to get things back on track in January and beyond. It is vital to tackle the issue head on, apathy plus compounding worry on top of worry only breeds more stress.

Budget

A budget is always the best place to start. Review all that is going in and all that needs to go out, using this as the framework for your budget, then plan accordingly; the devil is in the detail so make sure to account for any hidden surprises you may have overlooked.

Trim

January shouldn’t just be synonymous with getting leaner at the gym after an over indulgent festive period; your outgoings could also do with losing a few pounds. Take a close look at your budget and trim away all the excess that isn’t a necessity.
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Save

This may be a painfully obvious one but having a little kept aside for a rainy- expensive- emergency-day will hopefully safeguard against any costly bumps in the road later on.

Still feel overwhelmed?

If you still feel overwhelmed by your financial situation and would like specific advice on your debts, the solutions we offer and support on how to deal with your creditors, please give us a call on 0800 019 2095 or  complete our call back form below.