Top budgeting tips for January and beyond

So, the festive period is boxed away and we’re embarking on another year. There’s lots of bad we could talk about, but here at Monese we’re using the reset as a chance to get wise with our money management. Let’s make this year’s goals a reality, whether it’s saving for something special or finally feeling confident with our finances, we’ll get there by kicking off the year with #dryspendjan.

Buddy up with your budget

Our budgeting feature is your new best friend. If you don’t get your Monese salary paid into your account (find out how to do that here!), then deduct all your direct debits and known outgoings before moving the rest to your Monese account. Now you’ve got your disposable income and you can set a budget on each spending category with live transaction alerts.

We let you know when you’re at 80% of your budget, as well as a notification for when you’ve overspent, so you’ll know for sure that unfortunately buying lunch out multiple days this week is not viable at this moment in time…At the end of January, you’ll see your spending habits and can adjust your budget accordingly for Feb.

Believe second(hand) is the best

Don’t just think of charity shops for clothes - although a great place to start if you’ve realised a raincoat should have been on the Christmas list! If you need to buy presents this month, they’re brilliant treasure troves to discover homeware or vintage books and records. A unique gift for someone else that saves you money, donates to charity and avoids buying new -what’s not to love?

Consider holding a clothes swap party with friends too. It clears those unworn and unloved clothes in return for clothing that’s new to you, without relying on the fast fashion cycle.

Food for less

Shake up the way you food shop. Maybe not the sentence ending you were expecting, but just making a couple of changes could help you keep spending to a minimum. Plan your meals using online recipes, stick to a shopping list and don’t turn your nose up at the reduced section. Make a cheat code for yourself by buying easy meals to make when you can feel the takeaway temptation beckoning.

Top the Pots

Hopefully you’re already using our Pots feature as it’s an easy way to save by rounding-up transactions and keeping your savings right where you can see them. Hold a (friendly!) saving competition with someone else that’s on Monese and see who can reach £100 first. Not invited anyone yet? Get a referral bonus of up to £30 for each friend you invite using your link under the Invite tab on your app.

Kiss social media ads goodbye

Social media seems to know exactly when you are most vulnerable to bombard you with targeted ads. Like we suggested in our post Covid spending control blog, hit the ‘x’ on ads as much as possible. Not only will it help against impulse spending (no, you do not need an electric pencil sharpener), but it also protects against purchase scams which are on the rise.

Step up

For the less active amongst us, another 2-4-1 is more moving and less spending on small transport trips by making the most of walkable journeys wherever possible. You could download an exercise tracker -if you don’t have one already -and see how the little choices can add towards your activity for the day. If you've just joined a gym or want to start a new hobby, how about popping a pound in a Pot every time you go? Reward your motivation and grow your savings too!

Lay foundations

If being more financially savvy is on the vision board for 2023, this one’s for you. We’ve lowered our Credit Builder to only £2.50 a month, less than a cup of coffee. You choose the amount you can afford to put away each month, and using it for a year could give you a glowing credit score which equals better deals on credit cards, payment plans and even mortgages. Building a better life can start here!

The final tip is to make sure to keep one treat that you know is good for you -body, mind or soul. If that’s your gym membership, a meal at your fave pasta restaurant, or an extra large coffee on a Monday then keep it! This month it’s just about thinking before we buy, keeping spending at a minimum, and making the most of things that don’t cost the world.

Got another tip to share with the community? Share with us on Facebook, Twitter, Instagram or write to us at community@monese.com. We’ll post our favourite ones!