January gets a very bad rap – we’re skint from buying Christmas presents and the weather is miserable. But turns out that some people actually managed to have a productive month and save a few hundreds.
After the high that is the build-up to Christmas and New Year’s, it’s no wonder January’s fan base is slim to non-existent.
But turns out that some of us actually had a productive first month of the year, and used the quiet weeks to save – with people managing to save hundreds!
The findings come from financial company Zopa, who asked Brits how much they saved during January, why and how.
When it comes to the reasons behind keeping it frugal in January, a third of Brits (35%) said they have less money in the first month of the year than any other month.
The most common reasons are overspending at Christmas (38%); increased energy bills (28%); and getting paid early in December (23%).
But after making a few changes, the average person aged 24 to 39 cut back a huge £568 – impressive, right?
The company looked at how people managed to achieve this, and identified the 10 most efficient ‘Fruganuary’ tactics:
1. Cutting back over Christmas (£75.27)
2. Not going out altogether (£68.52)
3. Going on fewer nights out (£61.77)
4. Dry January (£61.09)
5. Taking a break from dating (£59.79)
6. Staying with family over Christmas (£57.24)
7. Veganuary (£53.26)
8. Not buying clothes (£52.24)
9. Not getting takeaways (£52.16)
10. Making packed lunches (£46.43)
Speaking of the findings, Clare Gambardella, Zopa’s Chief Customer Officer, said, “January is often considered to be the time when our finances are in worst shape, but our research shows by taking control, some groups manage to create positive financial habits at the start of the year.
“For anyone looking to improve on their financial position this year, the Zopa app can help people along this positive path as its Borrowing Power function helps to improve credit health, provides actionable insights to increase credit scores and unlocks great value loans for those that need them.”
Did you manage to save any pennies in January? Do you have any other tips? Head over to our Facebook page and let us know!