New research has discovered that money worries can increase the risk of serious health problems by up to 30 per cent, making it evident that getting your finances in order could be hugely beneficial for your wellbeing, especially at the start of 2023.The arrival of the new year brings with it new goals, and if yours is to manage your money better, achieving this could be easier than you think, even during the cost of living criss.
Nearly two-thirds (64%) of people give up their resolutions within a month of making them, but by implementing small changes each month, you can remove some of the stress, improve your finances and find yourself more in control of working towards your objectives.To help you get started, Katy Simpson, personal finance expert at Virgin Money, has shared six tips to help give yourself a New Year money makeover.Kay explained: “The start of the New Year is the perfect time to reassess your financial position and begin budgeting and planning for the year ahead.“We hope that these expert tips will help people feel more optimistic about their finances in 2023, and enable them to start the year empowered with some new ways to tackle spending and saving.”Kay said: “January can be a challenging month for finances, largely due to the Christmas financial hangover.
However, this also means that it’s a great time to tighten the purse strings and prepare for the year ahead.”She suggests starting by evaluating your current spending by checking bank statements for regular outgoings.
You can then build a budget which allows you to free up money to pay off any outstanding debt, while also setting money aside for savings where possible.Kay warns: “January is also a time to spot areas where you might have spent more
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