Put Financial Fitness First This New Year

Every New Year millions across the country attempt to to stop smoking, try a new hobby, or shift the extra weight from all those Christmas mince pies. But bank account provider thinkmoney is asking people to think about their financial fitness this January and to ditch any bad spending habits that hold them back.

Research from American Express gives an insight into how much more we spend at Christmas. It estimates that UK adults will spend on average £210 each on 'extra costs' during the festive season, which adds up to around £10.2 billion collectively.

So if you feel like joining the gym on January 1st because you've overindulged, why not take the opportunity to get your finances back in shape too? It's a great time to turn your back on financial bad habits. The New Year is an excellent time to take stock of our finances following Christmas and begin planning our financial goals for the year ahead.

A spokesperson for thinkmoney commented:

"Traditionally the New Year is a time for reflection on where we are and where we would like to be in the year ahead - and personal finances are an important area to make improvements in too. Many people find they've overspent at Christmas and people who have borrowed money will have to begin thinking about how to pay it back come January - as well as keeping on top of all their usual expenses.”

Among the thinkmoney New Year financial fitness top tips are;

-Draw Up a Financial Plan. Look at all your important outgoings for the year ahead and draw up a monthly schedule of regular expenses like your mortgage and priority bills. It helps to write down the exact dates of things like your car insurance or road tax renewal and family and friends' birthdays so that you can budget for these expenses accordingly and make sure you've got them covered.

-Overpay Debts Where You Can. If you plan to repay debt this year, consider 'overpaying' your debts where you can, which could save you a surprising amount in interest charges overall.

-Review Spending Habits Regularly. It's a good idea to review our spending habits regularly so that we can identify areas for improvement. Take advantage of the motivation you may have this New Year and take charge of your finances so that you can achieve your financial goals - whether that's making home improvements, saving for a holiday or paying off debt.

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