The long month of every year

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It’s no secret that January sucks for a lot of people as it is always the longest month of the year. The month of January seems like the whole of three months in just one month. The major reason for this is because a lot of people are always broke at the beginning of the first month of the New Year due to the several festivities and celebrations in the month of December that requires a lot of spending. And therefore have to wait until the end of the month before another income is got. The only way to avoid getting into this kind of situation is to manage
the little money you have left and hope it takes you to the next pay day. Lots of people make statements like “this December is not going to be like the last one where I spent all my money and got broke in January” yet they are facing the same situation again. Therefore; in order to help ensure no one gets into this mess again, we have compiled some useful tips to watch out for.

1 Overspending
A lot of events happened last December from weddings to anniversary, comedy shows and lots of parties. Of course because you also want to show off, you forget your budget and spent everything you’ve saved for the year.

2. No savings throughout the year
Why January is tough for lots of us is because we failed to save money before the end of the year. You were spending all the money you had in your account without leaving any for the rainy day. To make the matters worse is that most people did not save before December

3. No budget for December
Most people do not have a budget for December. I know it’s difficult not to spend during December period; but as one who earns monthly you ought to have a budget for the year. What to buy, how much to spend etc.

 

4. Giving money to family and friends
No one is asking you to be stingy during the festive period because it is good to be generous. But don’t give out aimlessly because you want to impress your family and friends during the festive period; spend wisely and give sensibly.

5. No financial plan
A good reason why January is really tough is that you did not have a financial plan in the first place.  A financial plan helps you outline your expenses for the month and the year in general. So as the long month of January is coming to an end,  I hope we’ve all learnt our mistakes and will  plan ahead for next year January in order not to encounter the same experience again.

By Maimuna Bagudu

 

 

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