You can avoid going broke in January by following these money-saving tips
Every month of the year offers a unique opportunity to save money and January is not left out.
We’re just on the first day of January and you shouldn’t throw caution to the wind all in the name of celebrating the new year when spending since you still have 30 more days to go. After spending a lot of money on 'detty December', you might have to take a new approach in saving some money during the month that seems to be the longest in the year.
In case you’re wondering how to go about your finances this month, we’ve got you covered. With a little creativity, you can cut costs significantly this month and get your finances back in track.
Here's how to save costs in January.
1. Start the year with a fresh budget
Create a new budget but this time, streamline the budget to a certain amount. Ensure that this budget is as real as possible and include only important things. Exclude things you can do without for now. It’s also important you follow through with this budget.
2. Tread carefully with promo sales
Promo sales in January are quite tempting and will make you spend without noticing. Unless you’re buying grocery items or household products that have been discounted and that you need on a day-to-day basis, chances are that you’re being tricked into spending money you can barely spare on things you don’t need right now.
ALSO READ: 5 ways you can save money when eating out
3. Cut down on your outings
You don’t have to attend every party or hang out or see every movie in January. If you have to go out, pick a place where you would be able to hang out for free with friends. You would save a lot by avoiding these outings.
4. Save money on food costs
Eating out will make you spend more in January. You can cut down on your food costs by cooking all your meals. Avoid buying foods in restaurants, it would save you a huge amount of cash. Make your fruit juice at home, just make sure you spend less on food and you’re good!
5. Avoid buying on credit
You might have been eyeing some outfits or shoes you want. Avoid buying them on credit, if you don't want to live in debt throughout the month. It’s tempting to purchase something and tell yourself that you’re going to pay it off in installments.
If you’re constantly buying on credit, you’ll struggle to get out of the debt cycle you’ve inadvertently created for yourself. This act will affect your income and savings for the rest of the year.
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