January for most people often feel like waking up from a terrible hangover. It is nothing like the feeling in December when bank accounts drip with surplus – savings, profits from investments and yearly bonuses. The temptation to overspend is usually high and overwhelming and many willingly succumb. We binge on shopping, travel arrangements, holiday parties, and many more as if January will never come.
Well, January always comes and it is a long month to survive without money. When it comes only those who remembered to plan for it will be in a better financial position. But if you were among those worried about how to survive because you are starting to feel the pinch, here are some strategies you can use immediately.
Set a budget. It is not too late to start one even though the month has already begun. Take an inventory of all the money including the sources left. Also calculate the debt you brought into the New Year. If you are unable to pay your debts talk to your creditors.
Making a budget takes discipline. Determine you will keep an account for everything you are going to spend for the rest of the month. Put away an amount you want to save; it may be small because you have not been pain, but stick to it.
Next step is to look around you. Observe the unnecessary expenses you brought into the New Year – some of them were probably generated during the holiday in your bid to impress everyone. If you discover your regular spending from last year suddenly increased it is proof you have accumulated new habits from the short time on holiday. It means time to readjust your life and expectations.
You may need to clear out the excesses and save a lot of money doing so. Consider selling some of the extra clothes you bought from December and the ones you have not used for months. You will not only be saving some crucial money but also decluttering your space. To be sure, excesses also include throwing away food. Plan you meals carefully and use your leftovers.
Pack homemade lunchboxes to work; you will be surprised how much you would have saved at the end of the month.
If you have to change your work shoes, try buying ‘Made in Nigeria’. Many of them have really good quality and you get two pairs to last you a long while for the price of one foreign shoe. But if you must buy foreign shoes, do not insist on brand names when you clearly cannot afford it.
Use electricity and water wisely.
January is also a good time to reactivate your side hustle. Shake off the holiday fog and dig in. Reach out to your business network. It is time to roll up the sleeves.
FRANK ELEANYA
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