How to survive January financially

We have all heard the term “January blues” many times before. This is typically the by-product of an expensive holiday getaway, Christmas presents for the kiddies or the unfortunate case of unforeseen expenses. Whichever way we choose to enter this time of uncertainty, one thing is for sure: money is tight and our budgets are even tighter.

Here are a few techniques to help overcome the month of famine:

• Re-evaluate your budget. Just as the seasons change, so do our spending habits. Changing jobs, moving in with your significant other, or simply cutting down on social expenses can all affect your budget in a very noticeable manner. Tally up your primary income as well as all of your expenses and make subtle changes. These changes usually result in cutting back on wasteful expenditures, but it can also mean redirecting funds to subscriptions, products or activities that will improve your quality of life.)
• Start a side hustle. Make a list of all the skills you possess and jot down which of these skills you can put to practical use. You will be surprised by just how many of these can be in high demand. Phone around, build up a brief business plan, advertise your services on social media and get started on this new venture. You never know, this may be the start of something big!
• Prioritize your monthly expenses. We are materialistic creatures by design. We unfortunately live in a society where expenses outside of our control are thrust upon us. Take a look at all of your expenses – ranging from most to least important – and ask yourself if you are overdoing it in certain areas. Remember, chipping off a little of your debt each month is much more beneficial in the long run than short term gratification.
• Sacrifice. It’s as straightforward as that. Cut down on the things you truly don’t need in order to survive, or at the very least, lead a comfortable lifestyle. Limiting parties, social gatherings or even luxury foods can make a big difference when you take the time and dedication to alleviate unnecessary costs. Do you have a lavish piece of clothing or gadget you bought on a whim but never find yourself using? Sell it to a friend or stranger, and use the money to your benefit.
• Spread the load. This applies to already well-established couples or housemates, but it can certainly be effective. Groceries, water bills, electricity and internet services are great expenses to split when things get really tough. Instead of one person covering a certain expense, take a look at your financial situation and lend a hand if the other person isn’t as fortunate as you are. Communication is vital, as you can take preventative measures to lower the cost of living before having to shell out your hard-earned cash.

The January blues can be a grueling ordeal for most people. However, if you feel lost, overwhelmed or simply need a helping hand, Debtco Group has some of the best debt councellors in the industry. Contact our team today and let us advise you as you take your next step to financial freedom.