Eight Financial Tips To Surviving January, “The Longest Month of The Year”

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.