The holidays are over and the longest month of the year is in its first trimester. For many, after all the partying and celebrations of the December holidays, they are drained not only mentally and physically, but also financially.
Thus, for most, January is a lean month. Even for businesses, activities tend to slow as consumer spending is mostly low. But the month of January is critical in determining the way the year tends to go as most make critical decisions during this period.
Here are some tips individuals and businesses can incorporate to be able to survive in the first 31 days of the year.
The first thing is making a realistic assessment of where one’s financial position is, the obligations to be paid and when they are to be paid.
The next step is creating a budget. One New Year’s resolution that everyone must make is budgeting. It is so easy to quickly spend more than one’s income, but budgeting and sticking to the budget helps to ensure that this does not happen.
The first thing anyone in need of a budget must do is look for ways to cut back. This can be difficult, but it is not impossible. Make a list of essential expenses such as rent, utilities, fuel amongst others. Important bills such as rent are the first to be settled. Set aside enough funds in the budget to cover these first, as well as any obligations and other bills.
After rent, set aside funds for essentials such as food, fuel, electricity. Only budget and buy what is needed, separate wants and needs. Delay non-essential purchases like dining out, new gadgets, or clothes and focus on buying only what’s necessary.
Also, because of the low sales, many stores tend to drop prices, take advantage of discounts for essentials to cut costs. Shop smart by looking for post-holiday sales and promotions and stock up on essentials like groceries when deals are available.
When running low on funds, a clean out can help trickle in the much needed cash. Old unused clothes, equipment and other items as well as unwanted Christmas presents can be sold online for extra cash.
There is also a need to set aside some funds for emergency needs that may arise. Starting the year with a new resolution to save is also critical in January. Learning to save when resources are lean is a training wheel for those who do not know about saving. Start the habit of saving and investing in January and follow up all through the year.
Starting the year on a mentally stable note is as essential as financial stability. As many are setting new year resolutions and goals to chart a course of growth, it is essential to set realisitic goals. Start the year with achievable resolutions to avoid feeling overwhelmed and break larger goals into smaller, actionable steps.
Stay positive by focusing on gratitude by reflecting on the positives from the previous year and practice affirmations or mindfulness to maintain a healthy mindset. Expanding circle of influence is another step to start the year with. Reach out to friends and family for support and social interaction and engage in group activities or volunteer to foster a sense of community.
Maintaining physical strength is also essential and not doing so can lead to health issues that may drain finances. Start the year by maintaining a healthy diet. Avoid indulging in too much comfort food after the holiday splurge. Plan balanced, affordable meals using fresh and seasonal ingredients whilst staying within budget.
As physical activity helps improve mood and energy levels, go for daily walks, try yoga, or engage in simple home exercises. Prioritize sleep to recover from holiday fatigue and create a bedtime routine to help your body adjust to a regular schedule.
If overspending in December is becoming a yearly routine, January is the time to start saving for the next Detty December without putting too much pressure on the bank account. By planning ahead and taking small but intentional steps, January can be a fresh and fulfilling start to the year rather than a daunting challenge.
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