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Hardship support: getting finances on track in 2023

Whether you’ve got debts to pay off or want to begin putting any spare cash aside each month, PayPlan’s got some tips to help nurses, midwives and healthcare assistants combat the cost-of-living crisis and get you on the road to your financial goal in 2023.

At PayPlan we understand that working long hours can be incredibly draining physically and mentally, but when it comes to fixing your finances or making a savings goal, putting time aside to create a New Year budget can make a big difference to your stress levels.

If you wait until January to get going, you could find yourself one payday behind, waiting for February to come around to begin saving. PayPlan’s here to ensure you get your plan in action today and they’ve outlined different ways to help you stick to your target as 2023 begins.

Choose your goal and set a budget

So, if your resolution this year is to be debt-free or save a certain amount per month, you’re going to need to set a budget – and PayPlan details exactly how to do that on our website.

PayPlan’s November Cost-of-Living Impact Survey found that just over one in three (36%) are dipping into their overdraft more often, while over half (57%) are missing payments. Creating a budget with all your income and expenses is the easiest way to get in control of your finances.

If you update your budget every time you get paid, you’ll be able to stay on top of financial matters all year round.

Assess your outgoings

When setting out your budget you’ll start to identify exactly where your money is going. This is a great opportunity to assess your outgoings and identify if certain areas of spending can be made cheaper.

From switching utility providers to cancelling unused subscriptions, you can save more than you’d think per month, which will add up over a year.

  • Have you stopped watching shows on Disney+, Netflix or Amazon Prime?

  • Do you still use Spotify, YouTube Premium or Apple Music?

  • Are you still signed up for any monthly clothing, magazine, news or gift sets that you no longer use or need?

If so, these all act as potential ways of saving money each month. You could also look at sharing subscriptions with your partner or friends, with many deals offering multiple device rates which, when split, can work out to be cheaper.

Practice new habits

Creating new habits will help you stick to your goal and, in the long term, will become second nature to you. There are a number of good habits when it comes to saving money.

This could be as simple as cutting back on luxury items each month, planning your shopping before you go to the supermarket so you don’t overspend, or putting money into a pot or account as soon as you get paid so it’s out of sight and out of mind.

Plan ahead

Planning ahead for special occasions is time well spent. That way, you’re less likely to need to use credit to cover the cost.

When it comes to trips and holidays, booking travel and accommodation in advance will save you a lot of money.

Other ways to save money around special occasions include:

  • Setting spending limits on gifts

  • Planning your purchases then waiting for seasonal sales

  • Buying Christmas cards and wrapping paper in January

If someone has asked for an expensive gift, ask friends or family if they’d like to club together and purchase it as a joint gift.

Supplement your income

Selling unwanted clothes, CDs, DVDs, phones, tablets, or items of furniture can give you a bit of financial cushioning during lean times. There are a number of free ways to sell unwanted items, such as Facebook Marketplace, CEX, Music Magpie and WeBuyBooks.

You could also explore mobile apps that help you save money, provide you with cashback, or offer rewards like reduced airtime costs or money for walking or taking photos.

Websites such as TopCashBack, Airtime Rewards, Foap and SweatCoin are ways of potentially supporting your income and cutting your outgoings.

Check that you are getting all the benefits available to you. PayPlan offers a benefit check calculator which is free to use, and the details you provide are anonymous. Before you start, make sure you have information about your savings, income, pensions and existing benefits (for you and your partner).

We recognise the vital role nurses, midwives, support workers and other carers play in helping those in need and we’re really proud to be able to support those who find themselves in financial difficulty.

If you’re worried about your finances or struggling to keep up with debt repayments, remember PayPlan’s here to help. You can access our help in a variety of ways including live chat via our website or by freephone on 0800 280 2816.