There are only a few people who can honestly say that their finances are in order in January. You can notice that there are fewer cars in the shopping centers after the January sales, and there is a reason for this. If you already have a tight budget, the extra expenses of the holiday season will put additional pressure on your budget. Below you will find some survival tips for January.
Create a Budget
Once you have spent out for Christmas, you will see how much money you will have to pay out in January. No matter how budget-friendly your Christmas was, you will need to make sure that you are able to increase your income or reduce your regular bills. It might be a good idea to check your bank account for pending and upcoming transactions, so you can create a payment calendar and avoid missing payments.
Increase Your Income
One way of handling money emergencies in January is taking on extra work, either with your current employer or through freelancing sites. More hours will not only mean that you can pay your credit card bill off faster, but you will also be focused on something constructive, instead of the problems. A solution-based approach is good for the January Blues so many of us face.
Use Your Free Time to Switch Providers
We tend to take a few days off for Christmas, even between the two holidays. If you have a few extra hours, sit down and go through all your bills to see if they increased in the past 12 months. If you find that you are not getting the value out of your contract you used to, it might be time for a change. Get searching and check out the latest offers on Verizon Wireless phones to see if you could make some significant savings.
Break Up with Bad Money Habits
It is important that you think about your relationship with money seriously before the new year starts. You can do some meditation and reflect on what went well and which financial decisions caused you the most stress in the past year. This will help you change your habits and avoid making the same mistakes in the new year.
Cut Unnecessary Expenses
We are all guilty of forgetting to cancel a magazine subscription, a gym membership, and other accounts due to the stressful lifestyle we have. Take some time off in January to go through your income and expenditure spreadsheet and find the expenses that seem unnecessary or overpriced. You might have a golf club membership you haven’t used for a year, or a subscription to a program you no longer need. You might spend five dollars on a coffee every morning, even though you could get a travel mug and make your own.
Everyone should take time off during the holidays to reflect on their financial decision in the past year, so they can improve their financial situation and make positive adjustments to their budget.