january finances

The festive season passed in a blitz and everyone is back to their normal day to day routines. Although spreading joy and cheerfulness is wonderful and makes you appreciate the gift of giving even more, sometimes we can go over the limit with our Christmas shopping, parties and tons of food purchased.

Seemingly when the Christmas break has passed and the New Year has already started, your bank account might show just how much fun you had during these holidays.

Don’t panic! You are not the only one who went over their budget. These are some tips to lend you a helping hand whether you are trying to save for something special or just looking to cut cost in your daily life.

  • Work out a budget – a budget will give you a great overview for the upcoming month or even the year. Remember to review your budget according to changes in your earnings and/or spending. Most importantly, try to be as reasonable and as honest as you can be when working out your budget. Even small expenses can add up to a proper amount in due time.

  • Compromise – try cutting out some non-essential expenses. New Year pushes a lot of people to make changes in their lives, but do we all need to spend lots of money on a personal trainer, expensive training gear, or other costly commodities? Why not join your local reasonably priced gym and start your changes one step at a time?

  • No gym? No problem! Currently there are plenty of educational and motivational blogs and videos online. Follow the current social trends and start exercising on your own. If you are on a strict budget, reduce the money spent on going out and socialising. Socialising has good and positively effects your emotional and mental health however, compromises need to be made if you are want to save. Try choosing an activity that is more cost-effective.

  • Cook at home – rather than going out with your family and friends for a meal, stick with the good old home cooking. Invite your friends over and make a night of it.

  • Plan big things for the upcoming year now – if you are looking forward to that summer holiday in January, or planning to cash out for something new and expensive, take it into consideration from the start. Sensible saving and planning will definitely help you out in the long run.

  • Clear out the attic – if you are looking for some extra cash, think of anything you might have stowed away in the attic or the garage that has long been collecting dust. Nowadays there are plenty of online websites/shops that help you sell your unwanted or unused items.

  • Spend more wisely – do not get caught with the daily discounts and offers you see all around you. Think before buying something - do you really need it or could you actually manage without it. Don’t forget any debts or bills that need to be paid – take care of them first.