How to survive January on a tight budget

January is a month where many people are financially strained, hence the month is called Janu-worry. Many people worry about how they are going to pay their expenses such as bond/rent, petrol, food, school fees for kids etc.

READ: Putting your finances in order before the festive season 

People are broke in January due to several reasons, including that many people get paid early in December and have to wait a long time until they get their next paycheck. Also, all the activities of the festive season can be expensive; going on holiday, travelling to go see family, buying gifts for Christmas, and all the food and entertainment costs. 

If you are one of those who is wondering how you are going to get through the month, do not worry. 

READ: The newlyweds guide to handling finances

Here are great tips to help you. 

Firstly, write down your most important expenses such as petrol, bond, school fees etc. Make sure you prioritise those.

Pay your debts. Skipping payments on your accounts will cause you to pay more later and might affect your credit rating. If you can't pay, rather make an arrangement with your credit providers. 

Cut down on take-aways

Take-aways might not seem like they cost a lot, but when you are low on cash, it is not wise to spend the little money that you have left on take-aways. 

Also, look at your menu. Eat healthily and don't buy junk food that you can live without. 

Entertain yourself at home

Staying indoors will not only protect you from the coronavirus, but it will save you from the temptation of shopping and spending money on entertainment. 

Pack a lunchbox for work 

Buying food at work can be costly. Rather pack your own lunch. If you like snacks, rather buy them in bulk where they are affordable and then carry them to work.

Don’t buy anything you don’t need

Many stores have massive sales in January. Don’t be tempted to buy when you don’t have money and don’t buy anything you don’t need. 

Image courtesy of iStock/ @CnOra