7 Financial Tips For Surviving January After ‘Detty’ December

How to survive January

The festive month usually comes with a shot of resources to spend. From chilling with the big boys to ‘bam bam’ with family and close relatives – ‘detty December’. Now, the longest known month, January, is upon us; survival is essential.

January, as we know, comes with a heap of unprepared expenses and the need for a thorough re-evaluation of present resources. The following survival tips can help you brace the financial strain of January.

Budgeting

Budgeting is vital to the maintenance of resources as it is a way of micro-managing the limited for rainy days. It is also a lifesaver. Creating a new budget but, this time, according to a certain amount. It is paramount that the budget is real and strictly followed. Once you know where you stand financially, you can make informed decisions that align with your budget. Which expenses should be curtailed? Or what expense is topping the budget pyramid? The budget can help you decide.  

Having a laid out budget plan is not enough, but strict adherence to it to the latter negates any chance of overspending. You might just be on your way to surviving the longest month.

Pay upcoming bills

If not handled swiftly, upcoming bills can be a burden that strains resources as they might suddenly pop up like ads notifications. Taking charge of upcoming payments, such as school fees and the usual payment, helps set your resources into perspective. It also prevents sudden crises as you have prepared beforehand.

Reduce outings 

December had you going out and chilling with the big boys, but January is for socializing with free things if possible. Reduce outings that would require spending and cultivate the habit of hanging out with your friends at home. The home can help you make money as well as save it.

If you are the outgoing type, this is for you. There is the option of organizing hang out at home or friends’ homes with organized planning, contribution, and proper rationalisation of resources.  

Carpooling or use of public transport

Carpooling is the sharing of car journeys so that more than one person travels in a car and prevents the need for others to drive to a location themselves. Transportation has a way of siphoning finances, especially in a harsh economy where the prices of everything are on the rise. If you are used to Uber or cab, you might need to consider carpooling, walking, cycling, or using public transport; use Uber or cab when it is absolutely necessary. With this tip, you can cut down on the cost of petrol and transportation expenses for the month.

Side hustle

It is not only about cutting costs in January, but it is also an opportunity to increase your resources by starting a side hustle with a lucrative skill or by selling unused home appliances. You might be able to utilize your home and leisure moments to keep your bank account beeping with credit alerts. Also, you might realise that starting a side hustle is easier than it looks.

It would be beneficial to check the internet for various lucrative ideas or start-ups that fit well with your skill.

30-day rule: Control impulse spending

The 30-day rule states that whenever you feel the urge to get something, control yourself and wait for the next 30 days. It is January and there could be the urge to change one’s wardrobe and buy items that we think could be a necessity. If the urge persists after 30 days, you can get it. The tip is aimed to create a sense of discipline.

Prepare your lunch

Last but not least on the tips is preparing your own lunch during the survival month. It is always tempting to walk into a nearby restaurant and grab something, but with a forward-thinking, prepare your lunch the night before or make extra portions to be spare the next day. It would save a huge chunk of resources as most finances are allocated to feeding.

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