Let's combat the January money blues

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January can be tough - after a stressful and unusual year like 2020, many of us are feeling the pressure to start 2021 right.

Neyber is here to remind you that - while it may be miserable outside - January doesn’t have to be all doom & gloom. We’ve put together some simple tips to help you start 2021 with an action plan, so that you can be in the right mindset and feel good about your money this year.

Stay away from payday loans

After an often expensive Christmas period, many of us might feel pushed towards high-interest borrowing as we try to make it to the January payday. At first glance, these quick short-term solutions might seem appealing but they are likely to leave you in a worse situation in the long-term. As such, with high interest rates, payday loans make it easy to fall behind on repayments and difficult to get out of debt, leaving you feeling stressed.

If you’ve had an expensive December and you’re struggling to make it to the end of January, make sure you spend the time to look at all the affordable options available to you and don’t fall in payday lenders’ traps.

Could you pay off your debt at a lower rate?

If you have debt of any kind (even just a credit card or an overdraft) there’s a chance you could be paying quite a lot of interest. Do you know exactly how much you’re paying in debt repayments overall and how much the interest is on your credit card? Could you pay less each month if you paid off your debt with a lower-rate loan?

You have access to Neyber and we provide loans repaid through your salary. At Neyber you can apply even if you don’t have a perfect credit score. If you’ve previously missed payments, taken a payday loan or have a CCJ on your file - you can still apply. We take repayments through your payroll which means you are more likely to be accepted with us than with traditional lenders. Representative Rate 9.9% APR (fixed).

When it comes to debt consolidation, there’s no ‘one-size-fits all’ solution so it’s important you look into all of the options - such as a 0% APR credit card balance transfer - to ensure that you make the right decision for your situation.

Don’t get carried away...

January is all about new beginnings but many of us make lots of new year resolutions and end up not following through on any of them... usually because we’re too ambitious.

To avoid that, make sure you set realistic goals. Take it one step at a time and assess your financial situation first so you have a realistic view of where you’re starting from. Once that’s done, make sure you set small and achievable money goals for yourself and have a clear idea of the steps you need to take to reach each one.

For example, if your goal is to consolidate your debt this January, your first step is to get clarity on how much you owe, how many debts you have and exactly when each one needs to be paid back so that you can understand how to best consolidate all debts into one.

Resist temptation!

Retailers are good at making us feel like in order to start the year on the right foot, we need a bunch of new things. Stay strong! It’s more than likely that you don’t need any of it, no matter how much ads on social media tell you you do. Bargains, sales and online deals are increasingly available, so make this January’s focus all about recovering from the festive seasons and not spending unnecessarily.

Hopefully these few tips help you stay positive this January! Remember Neyber is here to support you with your money worries all year round.

Important: This is an option, not a recommendation. Your employer does not benefit from offering this service and all your communications will be with Salary Finance Limited trading as Neyber. Finwell hub content is for guidance and educational purposes only and is generic in nature. Salary Finance Limited trading as Neyber does not offer regulated financial advice. Please seek independent financial advice.