January Blues: from avoiding them to handling them

January can easily be one of the most depressing times of the year. When Christmas is behind you, the bills are in front of you, the weather's awful and the next thing to look forward to is months away, keeping a smile on your face can be tricky.

A major part of the January Blues, of course, is the worry that our finances aren't what they should be as the New Year gets underway.

Avoiding the January Blues

The obvious big expense at the end of every year is the Christmas season. Covering all the extra costs is enough to push many households' finances too far, leaving them with a serious financial 'hangover' once the New Year is upon us.

These three tips could help you steer clear of that, so a festive festive season doesn't lead to a miserable January.

Budget

First of all, plan it out. Figuring out what you can afford to spend on Christmas is an essential part of avoiding overspending - after all, how can you stick to a budget if you don't know what it is?

Once you've counted up your income and your usual monthly expenditure, you should be able to calculate your Christmas budget - what you actually have to spend on festive fun. You might decide to keep 50% of it for gifts, 25% for food, etc.

Cut back

To stay within your budget, you'll have to make sure you don't splash out too much in any area (unless you're happy to take money out of your food budget to pay for unexpectedly high travel costs, for instance).

There are all kinds of ways to cut your costs, from using vouchers to checking out discount shops and budget supermarkets. Sometimes, you might feel, you really do 'get what you pay for' - but there are still plenty of bargains out there that offer the same quality at a fraction of the cost.

Share the costs

Are you hosting Christmas Day at your house this year? If so, that doesn't mean you have to provide all the food and drinks! At a time like this, people everywhere are trying to cut back, so your guests are likely to understand if you ask each one to bring a bottle, a dessert, the Christmas crackers, etc.

Handling the January Blues

Once it's all behind you, it's time to sit down and figure out how well your finances coped with Christmas. Some tips on handling your finances in the New Year, so any financial issues you have don't have the chance to get worse.

Do you need debt advice?

If your finances look healthy, great - it's a good start to the New Year.

If they're not so healthy and you're a bit worried about money, you might find some debt advice could really help. A debt adviser could help you plan out a realistic budget that helps you get your debts repaid as soon as possible - before the interest really starts building up.

If things are worse than that and you can't even afford the minimum payments to your debts, you might decide it's time to get some professional debt help.

Do you need debt help?

Sometimes, when you talk to a debt adviser, you'll realise things aren't as bad as you thought. It might just be a question of organising your finances more effectively, to make sure you can make all the payments you need to.

If, on the other hand, your monthly income just doesn't cover your monthly expenses, no amount of reorganising will be enough. But that doesn't mean there's nothing you can do. One of our debt advisers can talk to you about your debts and advise you on your options - there may be a debt solution that could reduce your monthly payments and help you get out of debt at a pace you can afford.

Matthew Plant