Six ways to become more savvy with your money in 2023 despite the cost of living crisis.
New research commissioned by StepChange suggests a steep rise in the number of people in Scotland turning to credit to help pay for Christmas this year. Squeezed household finances and the highest level of inflation for decades have resulted in fewer than one in five of Scots saying they would comfortably be able to afford Christmas this year, compared with 44 per cent last year.
It also provides an overall sense of reassurance that can help to prevent the persistent feelings of stress that a lack of financial security can contribute to. Overspending is much easier when you don’t have a budget to stick to, so it’s important to create a realistic budget and stick to it. Set aside 30 minutes to review your incomings, outgoings and general expenses on or before each payday. This will help you to gain a clearer understanding of how much money you have to spend on both the essentials and the luxuries .
If you are concerned about finances or simply want to share your money worries aloud, seek out a trusted friend or family member and get it off your chest. But, if you don’t feel comfortable talking to someone you know about it, then there are plenty of listening services, helplines and online support you can turn to.
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