New Year is over, the Christmas parties are over, and for many people, a return to ‘normal’ life can seem a bit grim. After having a luxurious December, taming your wants to suite January’s needs is usually the hardest thing to do in finance management. Bearing in mind that January appears longer than normal, you need to survive through to the last day.
For most people, the beginning of the year marks a feeling of anti-climax following all the festivities. You get caught up in the spending spree forgetting that your December salary was meant to sustain you until the end of January. Well, don’t be too hard on yourself, here are a few smart tips for getting through the remaining days of the month.
1. Live Below Your Means
If you usually spend N10,000 per week on food, it’s time to spend less – no one ever died eating smaller portions of food. Gradually cut down money spent on every other thing. Conserve fuel by reducing trips to places you can do without, minimize airtime recharge vouchers by making only important calls and adjust everything under the category below to something cheaper.
- Cable packages
- Phone plans/data
- Entertainment costs
- Eating out
2. Shop Carefully
If you shop without direction, you’ll waste far more than you ever planned for. Draw up a list every time you shop: not only will you stay on track, but you’ll avoid the impulse purchases that slowly but surely throw you off budget. Also, keep track of your little expenses, it’s the continual spending on small things which do the most damage.
3. Stay Healthy
Medical bills can drain your pocket, you don’t want to be sick in January, except maybe if you have your health insured. But if you don’t have a health insurance, having a more healthy lifestyle is your safest way out. Find a way to stay fit and healthy by exercising regularly and dieting more.
4. Break down your daily expense
If you’ve planned to spend N20,000 per week, then assign a particular amount to each day of the week. Break each day’s budget to its use to enable you stay on track. Once you overspend for a day, well you just have to be patient for the next day before you can spend any other dime. It’s a whole disciplinary journey, but you’ll be glad you joined the ride.