Did you spend more than you could afford in December? If you at least felt the pressure to spend some money to have a memorable Christmas you'll most likely overspend.
Think about the clothes, the new pair of shoes, the Christmas decorations and the detty December you had. Do you remember how much all these cost you?
If you are struggling to survive financially in January, it's because the money you spent in December is now giving you some sort of financial hangover that makes you think January is the worst month of the year.
So, how can you scale through this hangover and get your finance back on track as soon as possible? Here's what you need to do.
- Cut back on your spending
This is the best time for you to critically look at your regular spending to see where to cut back. For instance, if you have subscriptions you rarely use, cable TV, data, any subscription you're not using optimally, cancel it.
- Sell old and unused items
You might be able to raise some money by getting rid of some items you don't really need again. You can make cash from old items like toys, shoes, and bags, Jewelry and fashion accessories and so on.
- Don't eat out
This is not the time to eat out and spend more. Not the right time at all. If you don't want to worsen your financial hangover, it's better you plan and prepare your meals at home and avoid throwing leftovers away.
At this time, it's important you have a budget to guide how you spend the little money you have now till the end of the month. It's too early to start borrowing from anyone. Spend your money according to what you have in your budget.