Often called the most depressing day of the year, Blue Monday comes at a time when the New Year good feeling has worn off, and post-holiday season bills, cold weather, darker nights and a lack of motivation can make everything feel harder.

Financial worries often add to these feelings. However, even small steps to take control of your finances can help ease any worries and put your finances on track.

John Dentry, Product Owner of the Current Account Switch Service at Pay.UK, provides four simple, New Year focused tips to help you feel more positive about your finances this Blue Monday:

• Create a weekly budget: A new year is the perfect time to create or revisit your budget. Start by listing your income and essential expenses, then set aside funds for savings and discretionary spending. Many current accounts offer tools and trackers within their banking apps that can make managing your money easier, helping you stick to your plan and avoid overspending.
• Take advantage of retailer discounts: Many bank accounts offer discounts, cashback, or loyalty schemes throughout the year. Keep an eye out for deals at your favourite stores, restaurants or service providers and use these offers to save on everyday purchases. By taking advantage of discounts and rewards, you can stretch your budget.
• Switch your bank account: Many of us start the year by making financial plans, but don’t consider how our bank accounts can support these goals and ambitions.  Whether it is wanting a particular budgeting tool, or taking advantage of a cashback offer, switching to a bank account that better suits your needs can help you take control of your finances, in a way that best serves you.. . It’s a small change that can have a big impact on your financial confidence.
• Explore new income opportunities: The start of the year is a great time to consider how you might increase your income. This could mean discussing career progression with your employer, looking for a new role, or starting a side hustle. Selling items online, tutoring, freelancing or monetising a hobby can bring in extra income to support your long-term goals.

John adds: “Many people use the new year as a fresh start, whether that is making a change or picking up a new hobby or healthy habit. However, at a time where many of us have overindulged over the festive period, the start of a new year is the perfect time to take stock of your finances and set yourself up for the year ahead.”

“Like with all good habits, the biggest impact can be made by making the smallest of changes. Managing your money can often feel overwhelming, but if you were to just take one action on your finances this January, we’d advocate looking at whether your current account is still fulfilling your needs, and to consider switching if it isn’t. This is also an ideal time to reflect on habits, explore new income opportunities, and take advantage of tools that make budgeting and saving easier. It is important to remember that your bank is there to help you.”