Are you feeling the January Blues? If so, you’re not alone! Today is “Blue Monday”, reported to be the most depressing day of the year. Taking place on the third Monday of January every year, Blue Monday sees many of us hitting a low as our Christmas spending finally catches up with us and the prospect of the summer holidays seems forever away. It’s not surprising we’re all feeling particularly gloomy.


As many of us sought to borrow money in the run-up to Christmas, it seems that we are now worried about our finances. Our latest research shows that over one in four of you (29%) admitted to feeling guilty about how much you had spent over the festive season.


Christmas can always feel like an expensive time of the year and it can have a knock-on effect in January. But 44% of you said that you tended to feel poor in the days and weeks straight after Christmas, and 56% admit that you try to spend less money in January to offset the cost of the previous months.


We all know that we should be saving money where we can but did you know that it can even have a positive influence on your wellbeing? 41% of our survey said they felt that saving money in the New Year helped them to beat the January Blues. January tends to be the month when most people take charge of their finances, so why don’t you join them?


Did you know that it only takes one hour to save around £1,500 on your household bills, just by shopping around? It can take around 30 minutes to review policies on motor insurance, home insurance, energy and credit cards that best meet your needs, while completing the switches takes just another 30 minutes. So why not use your lunchbreak wisely and enjoy the feel-good benefits of saving money!


And how do we know this? Because just by switching, you can make savings like this: 

Energy saving: on average you could save £273.56 on annual bills for gas and electricity. 

Home insurance saving: 50% of you could save up to £61.62 on your Buildings and Contents insurance premium for the year. 

Car insurance saving: one in two of you could save up to £203.80 on your annual Car Insurance premium. 

Credit card maximum saving: half of you could save up to £984.17 on interest payments when switching your credit card to a 0% balance transfer card. (That’s assuming you were paying 17.9% on a £2,000 balance.)


Follow these steps and you could be £1523.15** better off. Now that’s a lot for your lunch hour!


Simon McCulloch, our Director of Insurance, said,“Following the inevitable overspending at Christmas, it is easy to feel panicked about your personal finances, especially when the monthly current account statement or credit card bill comes through the door. One way to alleviate these January blues is to take active steps to save money, such as shopping around for the best deals on insurance, energy and credit cards.”


Dr. Thomas Webb, Social Psychologist at The University of Sheffield and Chair of our Institute of Inertia, said,“January can be a really tough month – we put a lot of pressure on ourselves to achieve ambitious New Year’s resolutions. This year, why not challenge yourself to buck the trend and make Blue Monday a positive day? Even little steps can make a difference and start you on your way to making a change.”


So why not take on the challenge and see how much you could save?