5 ways to make your money go further in January

5 ways to make your money go further in January

1. Clear out your cupboards

You may be surprised by what you have laying around your cupboards. Have a clear out and sell the things you no longer need. Or look to sell any unused items you have lying around on online marketplaces such as eBay – such as that Christmas gift from Auntie Margaret that’s remained unopened. She’d never know - and the cash could help you get through January without going into the red.

2. Review your TV package

We spend £398 a year on paid TV but only watch 25 per cent of channels. Many of us upgrade our TV packages in the lead up to Christmas, adding pounds to our monthly bills. Make sure you regularly review your bill so you don't lose track and can manage your spending. If you think you are on the wrong package for you, make a list of what your household watches, and then hunt for the right deal to suit your individual requirements.

3. Cut your energy bills

A simple five-minute scan only can reap rewards and boost your bank balance. Switching your energy provider or tariff alone can generate savings of over £300 from your annual energy bill. You can even do this on your mobile – uSwitch recently launched a handy new app which allows you to scan the QR code on your most recent energy bill and get instant, personalised comparison results – and voila! Alternatively, Yours Switching can help you save up to £529 on your gas and electricity bill. Find a cheaper deal and switch here.

4. Don’t sweat your money away in expensive gyms

Before paying to join an expensive gym, look at the free options. There are online programmes which can help you get fit for free, with podcasts and ideas which don’t cost the earth. The NHS details a number of options on its website. Free fitness apps are also big news at the moment – Freeletics and Nike+ Training Club are two apps currently making waves amongst fitness enthusiasts. Also use our 10 ways to get fit for free here.

5. Make the most of your hard-earned cash – by saving it in a current account

Much of Brits’ hard-earned cash is languishing in low-interest savings accounts. However, current accounts could be the perfect solution – with some paying up to 5 per cent interest on balances. Despite the limits on how much you can save and even after paying tax on the interest earned, you could be better off saving this way. Find out more about switching your current account here.

Thanks to Tom Lyon at uSwitch.

There are more money-saving tips in every issue of Yours magazine, out every fortnight on a Tuesday.