January, comes with its fair share of pressure and uncertainty.
If you overindulged at the end of the year, you aren’t alone. Christmas and New Year’s festivities that come with overeating, drinking and spending are common activities over the festive season but all good things must come to an end.
After making merry throughout December, January comes knocking. Be it school fees, rent or insurance renewal.
If not planned, January pretty much feels like 48 consecutive Mondays.
Here are tips to help you make it through this month.
The best way to manage your money is to 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.
Analyse what you owe to creditors, and pay off the most expensive debts first. These are the debts that have the highest interest rates, such as store accounts and credit cards.
Pay monthly installments in time to avoid being over charged the following month.
Look around for special deals on basic items, such as food, clothing, toiletries and back to school items. Use your rewards programmes, such as eBucks or UCount Rewards to pay for little things like stationary and food for school lunches.
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. The easiest way to sell clothing, CD's, vinyl records, electronic goods or devices is online at Olx and Gumtree.
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. You’ll be doing your health and your bank balance a favour.
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Source:National Debt Advisors