Top budgeting tips for January and beyond
Letâs make this month all about money management
Autor: Gabrielle, January 8, 2023

So, the festive period is boxed away and weâre embarking on another year. Thereâs lots of bad we could talk about, but here at Monese weâre using the reset as a chance to get wise with our money management. Letâs make this yearâs goals a reality, whether itâs saving for something special or finally feeling confident with our finances, weâll get there by kicking off the year with #dryspendjan.
Buddy up with your budget
Our budgeting feature is your new best friend. If you donât 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 youâve got your disposable income and you can set a budget on each spending category with live transaction alerts.
We let you know when youâre at 80% of your budget, as well as a notification for when youâve overspent, so youâll know for sure that unfortunately buying lunch out multiple days this week is not viable at this moment in timeâŠAt the end of January, youâll see your spending habits and can adjust your budget accordingly for Feb.
Believe second(hand) is the best
Donât just think of charity shops for clothes - although a great place to start if youâve realised a raincoat should have been on the Christmas list! If you need to buy presents this month, theyâre 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 -whatâs not to love?
Consider holding a clothes swap party with friends too. It clears those unworn and unloved clothes in return for clothing thatâs 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 donât 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 youâre already using our Pots feature as itâs 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 thatâs on Monese and see who can reach ÂŁ100 first. Not invited anyone yet? Get a referral bonus of up to ÂŁ30 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 âxâ 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 donât 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 oneâs for you. Weâve lowered our Credit Builder to only ÂŁ2.50 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 thatâs your gym membership, a meal at your fave pasta restaurant, or an extra large coffee on a Monday then keep it! This month itâs just about thinking before we buy, keeping spending at a minimum, and making the most of things that donât 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. Weâll post our favourite ones!
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