Now that the festive fun is finished, and the Christmas decorations have finally come down, January can be a time where you find that your bank balance now needs to get you through what feels like the longest month of the year.
So, how can you make your money last and budget better this month? Keep reading for our top 4 tips!
Carefully create a budget
The first step to getting through the Januworry blues and making your money last is to carefully create a budget for the month.
First, look at how much money you have left after paying for your festive funds, usual bills and monthly necessities like food and fuel. Once you have this value, look at how many days are left between now and your January payday. This will give you a realistic view of how much money you have that you need to make last.
Next, look at what you can save on and where you can redirect your money towards items you need. For example, you may need to cut out on watching a movie and redirect that ‘entertainment’ cost towards groceries you will need.
Here are 5 things to consider when budget planning.
Implement no-spend days
In order to make your money last this January, you may need to practice being stricter with your finances and simply implement no-spend days. This means choosing certain days in the month where you won’t spend a single Rand.
This could mean staying in every Saturday instead of going out to eat or making your own meals instead of ordering takeaways. Once you get into the habit of having no-spend days, you might find it to be a useful way of saving money consistently.
Monitor your bank account
Make sure that, throughout January, you are monitoring your bank account to help you stay on track with your budget.
This helps you track what you are spending your money on, and catch any surprise purchases like subscription costs or increased bank charges.
Shop reduced-priced items
January is a time where retail stores have a number of sales, and you can take advantage of items sold at a reduced price. Remember though, to only buy such items on sale that you need and won’t leave you in despair before payday.
Similarly, with an increase in food prices, don’t be afraid to shop reduced-to-clear items at grocery stores. This can be a helpful way in stretching your budget and saving you money.
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