In most parts of the world, January is regarded as the most difficult month of the year, financially.
After December festivities, most people go back to work with little or nothing in their pockets to survive on, especially when you had not planned for it early in advance.
This is also the month students are going back to school or transitioning to the next phase of education, adding to financial burden to the already dented pockets.
Sometimes such moments come as a default, and might not be prevented in some cases, depending on your financial muscle.
In such moments, life has to go on, whether you have money or not. Here are some tips that can help you out during such moments:-
Cut unnecessary expenditures
In such a month, suspend expenses such as going out, eating in restaurants, going to the movies, going on road trips, extreme internet bills and any other expenditures that deems to be a luxury to you. Instead, use the money for basic and necessary wants such as rent, pay bills, pay school fees, and other arising needs such as hospital bills.
Redeem loyalty points
Most regular shoppers have loyalty cards that they accumulate redeemable points. The points are not for beauty or show-off, they are meant to be used during such times. When you go shopping during the month of January, you can use the point to partially pay or your shopping or shopping for your children going back to school.
It is not one of the best ways out of hard times, but it is an avenue that can redeem you when you reach a dead end. However, while borrowing, utilise the best ways with the most reputable creditors, so that you do not put yourself into embarrassment. Borrow from your bank or sacco, and make sure you pay back when you get money.
Most importantly, borrow an amount you can pay back, so that you do not land into debt burden in future.
One thing that comes with hard financial times is stress or sometimes depression. This mostly affects people who stay idle for long.
When tough financial times hit, the best way to solve the situation is to look for money, and not thinking about it. Looking for money entails working, and this time working extra.
When you cannot work, look for something to do to avoid sinking into depression. You can focus on exercising or maybe spending time with friends.
Learn a lesson
They say that the biggest mistake is repeating a mistake. It is an insult to yourself to complain of January hardships every year, yet you are working for the other 11 months. Learn a lesson this year and start saving or next January and be disciplined during the festive season.