Are you feeling the pinch after Christmas? Well, you’re not alone. According to our research 69% of us had to dip into our savings to cough up for Christmas so it’s hardly surprising that we’re looking ahead to 2016 and getting our finances in order. In fact, our recent survey suggests that 44% per cent of people are likely to ‘sort out’ their finances at the beginning of January.
Here at comparethemarket.com we’re actually set to see a spike in activity on the first Monday of the year, for what we now refer to as ‘Quote Monday’, as many of you start looking into ways to save money after a costly Christmas. We’re anticipating that we’ll see a 50% increase in quotes on the first working day back after the New Year as everyone scrambles to get their finances in order.
And who’s likely to benefit from all this financial frugality? Well, with 34% of our respondents saying that putting money aside for savings was one of the financial goals for 2016, it’s likely that banks that offer savings products or those who can save you money on household bills (i.e. energy providers and insurers) will benefit most from all the shopping around.
Simon McCulloch, our Head of Insurance, says, “Our survey results indicate that many consumers will look to become savvier with their finances. It seems that Quote Monday is becoming to savers what Black Friday is to spenders.
“With great deals on the market, it is now essential that you don’t rush into a policy that does not work for you but you should shop around for the right deal.”
What’s more, The Institute of Inertia suggests that there are a few other money-saving exercises you can indulge in over the coming weeks to keep those much-needed pennies in your pocket:
- Use and resuse: Make January a ‘using up’ month where you use up all the food in your cupboards and freezer and only buy perishables that go with tins and packs you already have.
- Cut your heating costs: Apart from switching your energy supplier, you can also save money by doing simples things like putting in foil behind your radiators, plugging gaps in windows and throwing on an extra jumper. (We actually shared all sorts of energy-saving tips last month that you could put into practice now).
- Sell, sell, sell: Make room for your new stuff by selling your old. Sell your old clothes, electronics or sports gear for cash on eBay, eBid or Ziffit. Clear out a few cupboards and get a head start on your spring cleaning too.
- Make the most of the sales: If you’re lucky enough to have some money left over, the January sales can be a good time to pick up clothes or gadgets you’ve been eyeing up for a while. You could also get discounted seasonal goods ready for Christmas next year!