The poorest month of the year, the snowy month of January, is now just about to end. For many, the first month of the year is a time when incomes do not always cover expenses and it is easy to happen that you have to live very poorly. Spending during Christmas and New Year has often made slightly bigger holes in the household cash register and January is a month when there are many fixed expenses to be paid.
After the meager month, in February, there will be a little more balance in the accounts in the household economy. At the same time, it is always wise to be a little careful about spending. Here are 5 financial tips for February.
1. Review fixed costs
In January, the first priority may not be to think about the future. Instead, the primary focus is often on “surviving” the month at all. However, with the low month behind it, it may be an idea to do a review of what the household’s fixed costs look like, and possibly take steps to reduce them. A smart tip is to compare electrical subscriptions and insurance. There are several free services to use to compare prices and also easily switch electricity companies / insurance companies.
Another tip is to look at household loans. If there are many loans that cost some each month, it may be smart to apply for a mortgage loan.
A third tip in this context is to review fixed costs for mobile subscriptions and TV subscriptions. For the average household, the costs of telecom, streaming, etc. are quite significant, and there is much to save.
2. Stop buying for a week
If January was really a real snowy month, it could partly be due to a little more excessive spending at the end of December. In order to compensate for the week or weeks, you can introduce a stop in February for a week or two. Just buy the most necessary and postpone everything else. With a couple of cool weeks in February, you have the balance balanced out December’s more lavish spending.
3. Sell gadgets
Give both your home and your household finances a big cleaning! It gives you both more peace of mind and more money in the account. Clean your wardrobes and storage room and pick up the gadgets you don’t need. Then put out the gadgets that have the highest second-hand value on the Block. You may not get all the stuff sold, but you can still expect to get a small fee.
4. Plan for the holiday
If you haven’t started planning for your vacation before – and how to pay for it – you should do it now. February is a short month and then spring months usually rush by. Regardless of whether it is a vacation home (popularly called a “homeester” or “staycation”) or a trip abroad, money is needed to pay for both travel and living. Make sure you take steps to make sure you have the money needed so you don’t have to borrow extra.
5. Buffer save smart
When planning for the future, you may also want to consider both your buffer savings in itself and how you can do to maximize it. You are guaranteed to have a buffer. With a buffer of at least one monthly salary, you have a slant to take for example during the January snow month. If you have not stopped at least one month’s salary, you should start saving as soon as possible.
Whether you have a buffer today, or now with our pointing stick will start saving for one, we recommend that you save on an account that pays interest. You should therefore choose the major banks and choose a niche bank instead. If you look a little extra carefully you will find offers of 1-1.5% interest. This is significantly more than the big banks’ 0%.