How to survive until payday!

Feeling a bit strapped for cash after all the expenses of Christmas? Here's a step-by-step guide on how to make sure you don't get into debt this month.

The festivities are over; you've packed away the various soap sets from aunties who still haven't realised you stopped wanting to smell of strawberries or vanilla when you were 15. You’ve even recovered from your New Year’s Day hangover. Now, it's back to reality.

And January reality is the worst kind. You've got to make an effort to shift those extra pounds you promised yourself you wouldn't put on this year and find a way to get over that guilty feeling at having broken your New Year's Resolution already. And what's worse, you've got to figure out a way to get through to payday.

Even after you've returned the dodgy jumpers from your Nan and traded your book vouchers for cash with your student cousin, you may still be left with the feeling that the only way you can make it to the end of the month is if you give up luxuries like, um, eating!

But don't panic. With a little know-how you can make your money stretch until the end of January without resorting to drastic measures.

Work out what money you have

The first step to budgeting until payday is to work out what money you actually have. Looking at your bank balance in January can be terrifying but burying your head in the sand and ignoring the problem is only going to make things worse.

Using our brand new online banking tool here at lovemoney.com is a great way to keep on top of your transactions. Each time you're logged in, you can check exactly what's going on with all your different accounts.

Use cash not debit card

Once you know how much is in the bank withdraw a set amount for the week. Using your debit card is misleading as it's easy to lose track of what you're spending. If you have hard cash in your hands it's much easier to see when it's running out. And once you take a set amount of money out for the week try really hard to not go the cash point again.

Give up luxuries

January may be the most miserable month of the year but by trying to cheer yourself up by treating yourself to some luxuries you're just going to wind up making the rest of the year miserable too. If you need to cheer yourself up then look for free options. Treat yourself to an evening in with a good film and nice bath as opposed to heading to the high street and splurging money you don't have in the sales. Just because the item is reduced doesn't mean it makes good money sense to buy it!

Read cut the cost of going out and set yourself a budget and stick to it for more help.

Explore saving opportunities

When you have cash it's easy to turn a blind eye to wasteful habits. But when money is tight it's time to explore ways in which you can cut back on spending. Can your mobile phone contract be reduced if you shopped around for a new one? Is there a cheaper broadband connection you could get? It may seem a hassle but these small savings could mean the difference between a desperate January and a doable one.

Get selling

If you have a load of stuff you no longer want or need, why leave it cluttering up your house? Selling stuff on Ebay is a great way to make some extra cash and January is the perfect time to do it. You've just gotten a load of new stuff for Christmas so make it a case of out with the old, in with the new and make some extra money while you're at it.

Read The best places to sell your unwanted Xmas presents for more help!

Don't look for easy options

It's tempting to seek shortcuts when you're struggling. However, many of the easy options available are too good to be true. Pay day loans for example are not a good idea - in fact, here at lovemoney.com, we think pay day loans suck. The interest on these loans is usually extortionate so while you'll make it through to payday you'll have to pay a huge chunk of your wages to the loan provider once you do get paid. This could mean you'll fall into the vicious cycle of doing the same thing every month.

Likewise using store cards or credit cards is a quick fix and not a lasting solution. If you have to buy on credit, make sure it's on a 0% on purchases card - at least then, you won't end up forking out loads of money in interest.

Get help from lovemoney.com

Finally, if the festive season has left you strapped for cash, don't forget lovemoney.com can help you boost your income!

First, adopt this goal: Make some extra money

Next, watch this video: How to save when you've got no money

Finally, why not have a wander over to Q&A and ask other lovemoney.com members for advice?