Get financially ready for January

January is the longest month of the year, not necessarily in days, but in terms of finances. It’s felt fine so far, but suddenly we are all stuck in the same situation. The festive season is over, all the gifts are unwrapped, the getaways are just a memory and your bank balance does not look too good.

After the festive season many South Africans find it hard to survive. Almost a third of people interviewed admit to going over budget last month, and most of us find ourselves shocked and amazed about the way all our money has disappeared. The easy, and most obvious, way to deal with this crisis is to increase your credit card limit and go further into debt, but is that the most appropriate decision?

No! All it will do is make you feel the pinch for longer!

Here are some tips on how to survive January:

• Plan ahead

• Budget, budget and once again, budget. See how much money you have available to spend, and stick within that amount

• Wave goodbye to unnecessary expenses

• Sell your unwanted belongings. OLX and Gumtree are well-known sell and resell websites – use them

• Keep your eyes peeled for deals and promotions

• Make staying in the new going out. Enjoy a relaxing day at home

• Don’t underestimate how much you waste if you throw food away. Plan your meals carefully and use up your leftovers

Making these small changes in your lifestyle means that January will be over in a blink of the eye.

Also read

Old Mutual gives finances the stage

Assess your finances before changing jobs