Waiting for payday - beating the January blues

It's a situation many of us can relate to: Christmas has been and gone, leaving in its wake lighter wallets and a small avalanche of credit card statements and other bills; the gloomy winter weather is already making us yearn for summer; and our next pay cheque is still weeks away. Not exactly a recipe for lifting the spirits, by all accounts…

Figures from uSwitch.com have revealed that 65% of people have suffered a pay freeze in recent years - and only 30% of employees expect to see a pay rise in 2012. Worryingly, 15% say they have no idea how they'll manage to cope.

With this in mind, the 'January blues' can be a tough reality for many - whether we're worried about our waistlines, our careers or our wage packets. However, when it comes to your finances, there are some steps you could take to help make ends meet before payday.

Avoid temptation!

Although the costly Christmas period may be firmly behind us, January is not without its temptations when it comes to spending. The January sales could be a great time to pick up some bargains - but if your finances are already squeezed, spending too many Saturdays at the local shopping centre probably won't be a good idea.

If you are finding a bit of 'retail therapy' hard to resist, ask yourself some important questions. Do you really need that new kitchen appliance, or will it still be stuck in its box, gathering dust, in six months' time? Is that coat really a bargain, or will you wear it once and leave it in the back of the wardrobe for the rest of the year? And if you're thinking of paying for something on a credit card, will the price actually work out reasonable once the interest has been taken into account?

Earn some extra cash

Counting down the days to payday could feel like an eternity, and if you've already gone over-budget, you may really be feeling the pinch over the next few weeks. However, there are ways you could potentially maximise your cash flow - and all from the comfort of your own home.

If you have any old items that you no longer use, but which are still in good condition, why not consider getting an eBay account and putting them up for sale online? It may cost a small fee to set an account up on this kind of site, but collectibles, rare music collections, antiques, designer clothes, hard-to-find books and memorabilia could change hands for quite a bit of money.

Boosting your income could even help you 'overpay' your debts and get out debt more quickly, potentially saving you a lot of interest.

However, if you're struggling with debt, it's important to get advice as soon as you can. There are a range of debt management solutions out there, such as debt management plans, which could help you repay your debts at an affordable pace. Just make sure you understand the 'pros and cons' of any approach before you commit yourself.

Restrict your spending

After Christmas' busy social calendar, January is usually a quiet month, so why not make the most of it - by finding ways to have some fun without spending too much?

If you're making plans to meet up with friends, why not suggest having a night in with a film, and ask everyone to bring an item of food/drink if they have any festive leftovers?

If you can't resist the urge to hit the High Street, make use of your Christmas presents: if you've been given vouchers, for instance, you could use them to knock some money off the things you want.

Alternatively, now could be a good time to work your way through all those DVD box sets you were given - which won't cost you anything (except possibly a small addition to your electricity bill!).