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Dry January? What to Do With the Money You Save.

Image courtesy of David Chao

There are many people that have pledged to have a dry January. For those that do not know what this is, it is to give up alcohol for a month. It can be a good way to get a bit healthier and lose a bit of weight but it will also save some money. This can be very welcome in January as it tends to be a month when many people struggle to manage their money. With the expense of Christmas just past and many people being paid early in December, it can feel like a very difficult time.

Therefore you may just need to use the money that you save from not buying alcohol on paying your bills and other necessary expenses. It may feel rather boring, to go to the effort of giving up the drink and having nothing much to show for it, but if you can avoid debt, then it can be really good.

Hopefully you will still have some money left over and it can be rather exciting to think about what you can do in order to make the best use of it. If you are missing your alcoholic treats then you may want to spend it on some alternatives so that you still feel that you are being spoilt. However, it could be a good opportunity to put some money away for a rainy day.

Where you decide to save it may depend on how much you have to save. If you have small amounts of money, then a savings account would be good. However, interest on savings accounts is very low at the moment and so you may not get a good return. However, you will have the money there to fall back on if you need it in the future and so it could be a nice security blanket for you. There may be a bond you can buy, which should give a better return but will tie the money up for a while, so you need to think whether this is something you want to do. As the money is money you would not have otherwise had, it may be okay to tie it up as you will not miss it. You could even consider investing it, but this is risky and may need more money than you have to put in. It is good to consider the available options though so that you can decide which one you think will suit you the best.

It is worth thinking seriously about what you want to do. If you do not consciously decide what to do with it, then it will be easily spent on other things. If you can save some up or put it by then you will have some money to fall back on. If you have debts and can pay some of those off, it will save you a lot of money in the long term. There are many options and some can have really positive benefits for you and your future finances.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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