January can be a really miserable time of year for finances. The pain of overspending during the festive season starts to hit home, bank accounts are at their lowest, the period between pay-days is usually the longest and the sobering reality of starting the year in your overdraft or facing a big credit card bill is really unpleasant.
However, all is not lost. The key to managing your money to pay off debts is focus - a 2020 money management vision for 2020.
Making extra cash is a great way to start paying off your overspending. Whether it's by selling unwanted items, moving debts around to take advantage of cashback options or switching your current account to make some free money, if you want to be debt free, you need to make taking control of your money a priority for the new year.
Money.co.uk tips for making extra cash in January
Selling unwanted gifts is a great way to make some extra cash, but don't just stop at this year's gifts. Go through your garage, loft, wardrobe and kitchen to dig out any items you haven't used in the last 12 months and get them listed; it's a great way to boost your bank account and make a dent in your debts. Check out the money.co.uk guide to selling online here
Some banks give you up to £200 to switch your current account. It's free money at the end of the day and an easy process, guaranteed to be done in seven days, that moves all your direct debits for you. Check our the best deals here
If you are unable to pay off all your credit card debts in one go, it's worth looking into a 0% balance transfer onto a rewards credit card that offers cashback. But make sure you can manage your repayments and can pay off the full amount before the rate ends. Check out our best deals here
Head online to replace lost or misplaced vouchers you may have and get them re-issued, you can make up to £150 to spend on the weekly shop
If you wear a uniform to work that you have to maintain yourself, you may be able to reclaim cash in tax rebates for up to five years of expenses
For cancellations and delays over 30 minutes you are entitled to compensation, as long as you know your rights. Check out our guide here
Whether it's surveys on your smartphone, attending focus groups, mystery shopping or watching videos and games online, there are lots of companies out there that will pay for your opinion.
Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. Salman left the world of journalism and moved to the UK to pursue a passion for personal finance and a desire to help people make informed financial decisions.Read Salman Haqqi's articles and guides