10 Ways To Survive The January Financial Crisis. January tends to be a long month after the festive season has passed. The month has been dubbed Jan-Worry by many. This is because it comes with all sorts of financial stress. The following tips though will help you get back on your feet and get through the month until your next pay day.
1. Create A Budget
Make a list of your monthly expenses and offset it against your income. Once you know exactly how you stand, you can make informed decisions as to what you can afford, and what expenses you have to cap, or cut completely.
2. Asses The Damage
Hopefully you kept within your budget through the holidays, but if you did over-indulge, now is the time to do some damage control and assess the situation. Go through your bank statements and understand where you are financially at the moment.
3. Deal With Upcoming Payments
This time of the year, school fees along with your usual payments are important. You don’t want to skip out on payments just because it’s January. Start off by taking charge and making notes of important upcoming payments. .
4. Avoid Borrowing
An easy way to get out of immediate financial trouble is to borrow. But remember that comes with interest rates. Borrowing is never a good idea when you’re in financial trouble as you often end up in a worse state.
5. Bargain Hunt
Look around for special deals on basic items, such as food, clothing, toiletries and back to school items. Save up points earned in-store or for using your credit card, and use them to buy necessities when the January debt burden starts to bite.
6. Sell Unwanted Items
If you’re really in a tight spot and need cash for rent or school fees, consider selling unused items or pre-owned goods that are still in good condition. You can sell clothing, CDs, vinyl records, electronic goods or devices online.
7. Cut Up On Luxuries
Cut back on unnecessary spending. Avoid eating out at restaurants, going to the theatre or indulging in expensive alcohol and cigarettes. In fact, unless entertainment is home-based, give the festivities a rest altogether.
8. Prepare Your Own Lunch
It’s always so tempting to go out to grab something for lunch. Instead, with a little bit of forward thinking, prepare a lunch the night before, or better yet cook extra portions of your dinner and bring in the leftovers for lunch the next day.
9. Stay Indoors
December usually involves lots of nights out and social occasions, so change things up in January and make staying in the new going out. Take it in turns amongst friends to host dinner or socials at your homes. This is a much cheaper way to socialize.
10. Try Public Transport Or Car Sharing
If you haven’t got the cash for a trip to the petrol pumps, you might want to think about cutting your fuel and transportation costs. Public transportation might be ideal at this time of the year. You can also use one car as a family.