We are in the month of January, the month notorious for being the longest month of the year. This is because a lot of people have spent a huge part of their savings for December festivities.
It is common to see people complaining of going broke in January, and some go as far as borrowing from friends and family to survive the month. Here are eight financial tips to help you survive this January.
1. Draw a budget
A budget is a lifesaver anytime, any day. Create a new budget but, this time, streamline the budget to a certain amount. Ensure that this budget is as real as possible and include only important things. Exclude things you can do without for now. It’s also important you follow through with this budget.
2. Cut down on your outings
You don’t have to attend every party or hang out or see every film in January. If you have to go out, pick a place where you would be able to hang out for free with friends. You would save a lot by avoiding these outings. No “Detty December” carry over.
3. Save money on food costs
Eating out will make you spend more in January. You can cut down on your food costs by cooking all your meals. Avoid buying meals from restaurants; it would save you a huge amount of cash. Use the weekend to stock your refrigerator with homemade food.
4. Avoid buying on credit
You might have been eyeing some outfits or shoes you want. Avoid buying them on credit, if you don’t want to live in debt throughout the month. It’s tempting to purchase something and tell yourself that you’re going to pay it off in instalments.
If you’re constantly buying on credit, you’ll struggle to get out of the debt cycle you’ve inadvertently created for yourself. This act will affect your income and savings for the rest of the year.
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5. Control impulse spending with the 30-day rule
It’s January, and you already have the urge to get some new items in your wardrobe. The 30-day rule states that whenever you feel the urge to get something, control yourself and wait for the next 30 days. If the urge is still there at the end of the month, then consider buying it.
6. Engage in carpooling
Carpooling is the sharing of car journeys so that more than one person travels in a car, and prevents the need for others to have to drive to a location themselves. It reduces each person’s travel costs such as fuel costs, tolls, and the stress of driving. Carpooling will also save you the stress of ‘jumping buses’ in January. Remember it is the harmattan season, and you don’t want to appear in the office in dusty outfits.
7. Use public transport
We are in the ride-hailing era, where people take cabs for both long and short distances. Please ensure you use a bus if your savings will not permit you using a cab this period. Use a cab only when it becomes a necessity such as attending an event.
8. Consider a payday loan
If you did not draw a budget and have exhausted your resources in December, then you may consider getting a payday loan. There are a lot of financial institutions providing loan services online, and you can get a substantial amount of money to help pull through the month. With your mobile phone, you can secure a loan. This loan will go a long way in saving you from the mockery of friends who will drag you out for spending all your money for “Detty December”.
However, ensure you look out for the interest rate while you check these different loan apps. Go for the one with the least amount of interest. Also, look out for the repayment terms. Make sure the payback day is after you have received your January salary, so you don’t start borrowing all over again.
Use these eight tips in January and thank us later.
What tips do you use to get through January? Share with us in the comments section below. To make this even juicier, the best contribution in the comments will win a Vibe 2 phone.
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