Financial Health Expert: How to Handle the Toughest Days of the Year

After an expensive December and with payday feeling ages away, it’s no wonder January can feel especially challenging for your wallet. But it doesn’t have to be hopeless, says Felix Sjöholm, economy and wellbeing expert at Anyfin: “It’s not about giving up all the fun in life. Small, simple changes in your daily routine can make a big difference, and it doesn’t have to feel like a sacrifice.”

Make a Quick Financial Overview

Take a moment to jot down what’s coming in and going out of your account this month. What’s most important – for example, rent, electricity, insurance – and what can wait? A quick overview helps you get a grip on your finances and avoid unnecessary stress.

Check Your Pantry for Hidden Treasures

Before shopping, take a look in the freezer, pantry, and fridge. Can you whip up a meal with what’s already there? It’s kinder to both your wallet and the environment.

Be Honest with Your Friends

It’s common not to afford dining out, going to cafes, or participating in other costly activities. Many people can relate, especially in the current economic climate.

Share Experiences with Others

If you and your friends or family are planning an activity, suggest sharing the costs and the experience. Cooking a meal together at home is cheaper than dining out and also makes for a cozy shared activity.

Review Your Subscriptions

Go through your subscriptions and think about which ones you actually use. Cancel those you rarely use that are just draining money. Small adjustments can make a big difference.

Prioritize Your Debts

If you have loans, installment plans, or credit card bills with interest: prioritize paying off the loans with the highest interest rates first. This will save you from spending unnecessary money on interest. You can also try negotiating better terms to lower costs on your existing loans.

Anyfin's Financial Health Expert Felix Sjöholm is a graduate of the School of Business, Economics and Law at the University of Gothenburg and former client manager and analyst at various companies in the financial industry.

Anyfin is a fintech company with the vision of improving financial health by making it easier for consumers to pay off loans and credits. The company was founded in 2017 by Mikael Hussain, Sven Perkmann, and Filip Polhem, all of whom have extensive experience from tech giants such as Klarna, Spotify, and iZettle. Anyfin currently operates in its home market of Sweden as well as in Germany, Finland, and Norway.