Now that December festivities and holidays are gone, the reality of January and the previous expenses hit hard. These blues do not only affect finances but also personal attitude.
Given the previous holiday mode that people enjoyed, adjusting can be cumbersome so here are a few ways on how to beat January blues and stay on top of your game.
Adopt a thin budget
The craze of December discounts made people overspend leaving many with no money in their pockets and bank accounts. This unwarranted overspending and unavoidable expenses like tripled transport fares left many wallets in need of foreign aid.
Despite this, you can still salvage the situation by doing away with excess expenditures and postpone luxuries. Only buy what you need at this time.
For example you can stay away from night outs and channel that bar expense to stocking food or transport to your work place. Prioritize what you must spend on and that which can wait.
Avoid Quick-fix loans
As the saying goes, short cuts are long cuts! Much as a loan may from a far appear as a savior for the financial pangs you are feeling now, it is very wise to stay clear of unnecessary debts and accumulated credit which will haunt you beyond January.
The economy is not good either, the interest rates on bank loans are not friendly, this means that by getting a loan you will be putting yourself in a situation you won’t find easy getting out. Like we have already noted, cut costs, improvise till when you get back to your financial best.
Stick to your budget
Drafting regulations and restrictions is one thing, following them is another. Restrict your spending by drafting and sticking to a budget to take you through this time when money is scarce.
This is the time to exercise your utmost financial discipline by adhering to the budget you have drawn. Not that it’s fun to follow, but staying focused will go a long way in getting you back on financial track.
Get a grip on that spontaneous shopping spree, the temptation to randomly hang out with friends and you will be smiling while many wonder how you are able to stay floating in the hard times.
Avoid selling off property
Make sober decisions that you will look back at and be grateful. It is very easy to find many people selling off personal effects like phones, power banks, laptops in the name of raising funds.
Much as this may not be entirely bad, what are the chances that this is the ultimate solution to your finance woes? If you are a habitual spender with little financial discipline, no amount of money raised from these impromptu sales will redeem you.
This will only be a temporary solution to a deeply rooted problem. Replacing the property you have sold off is hard that many people think. Hang on that property, January within a few nights will be gone, and you will still have your possession.
Lastly this being a new year, learn to tame yourself and build good financial disciplines that will not only save you from January pangs but also help you grow and achieve that growth and progress you have so desired over the years.