The long month of January is finally over and you’ve had that paycheque that was a long time coming. If you’ve been waiting to get your money sorted out after overspending at Christmas, now is the time to put your cash to work. How do you even start though? What is most important during the shortest month of the year? Let’s organise your money with the February financial checklist.
Redirect That Council Tax Payment
First on the February financial checklist is council tax. If you are one of the people who pay council tax over ten months of the year, it’s important to remember that during February (& March!) you won’t be paying out for council tax. Obviously, if you have opted to pay over twelve months, you will still have that slightly lower monthly payment going out of your bank account. For those who pay council tax over ten months of the year, where can you redirect that money to this month? It could be that you simply don’t have that payment to pay which is a huge sigh of relief and a bit of stress off your shoulders. Perhaps you act like you are paying the bill but actually put it into your savings. Take advantage of these two months of not making that payment!
Pay Down Any Debt
It might be that your first pay cheque of the new year is going to help you pay off any debt. Many of us spend more than we should during the holiday season, so much so it takes on average four months to get our finances back on track. Getting that debt paid off will benefit us in the long run as it won’t have as much time for interest to build. The more you can pay down your debt, the less worry you will have. That is why focusing on getting that eliminated is part of the February financial checklist.
Top Up Your Emergency Fund
How does your emergency fund look? According to research, 47% of Brits do not have any form of an emergency fund. No finances set aside should something happen such as a critical illness, unemployment, or bereavement. It is a great idea to have an emergency fund that will cover you for around six months of bills, should something happen where you find yourself not earning any money. Having an emergency fund allows you to focus on the issue at hand, without the niggling worry in the back of your head and extra pressure on your shoulders about money. Now is the time to figure out what your emergency fund needs to be and start putting money away for that.
Sell Your Unwanted Stuff
Spring is just around the corner and now is the time to get a step up on the spring cleaning of your home. The average household has more than £500 worth of stuff in the house that they no longer need. If you have unused and unwanted stuff, you can sell it on fee-free platforms such as Facebook Marketplace. Your things, even if you no longer use them, have value. Even broken stuff will sell, someone will fix it! Get your hands on some extra money that you can use for everyday living and free up some space in your home! Start that decluttering today and it can help you reach those February money goals.
Download Finance Apps
Finally on our February financial checklist is equipping yourself with apps. Having easy access to our finances can help us to keep an eye on what is going on, wherever we are. The bank that you use will likely have its own app that you can download and log into. You may be surprised just how many smart and effective Fintech products are available for consumers, and you get to choose between them all. For instance, services like swissmoney takes the convenience and security of modern banking to the next level. You might have other investments and such as that you can access via an app too. Make sure to download cashback apps to claw back a bit of the money that you spend, as well as those apps that use open banking to help you manage your money.
Final Thoughts
Your February money goals are within reach if you start to get a handle on your personal finances. Work through the February finance checklist and your bank account will start to look healthier.
