We may just be a day away from 2016 but for many people, the festive spirit is still very much alive. Hopefully you had a very enjoyable Christmas and that you created a number of great memories that you will be able to look back on for many years to come. Of course, there is a lot to be said for the amount of money that people spend at this time of year and if you feel as though you overspent for Christmas, you may be dreading the New Year.

Given that people are looking to cut back in January, the weather is terrible and no one really wants to party or celebrate, you’ll find that it can be a very grim month. This means that the thought of dealing with your post-Christmas finances is an unappealing prospect but if you are looking to make changes in your life, you need to face up to the situation. Here are 5 tips to improving your New Year finances.

You need to look at your credit card statements

You need to pay more than just the minimum balance

You need to calculate how much debt you are in and what you need to pay and when

There is no sense in feeling guilty or worrying about what has already happened – look to the future

Make a plan

You may think that your life is going to be a lot easier and happier if you ignore the level of debt you are in but the only way that you can move forward with any confidence is by facing up to your issues. This is why you need to open up all of your credit card statements, or check them out online. Make sure that you can make a payment as quickly as possible and if you are able to pay a higher amount than the minimum balance, you will do yourself a favour in the long term.

Take out a loan that suits your needs

When it comes to taking control of your finances, it may be that taking out a guarantor loan and then consolidating all of your debt into one monthly payment is the most sensible option for your needs. Knowing what you are dealing with is always the best starting point for taking control of your finances. Just because you had a great Christmas period doesn’t mean that you have to suffer in the New Year.