January seems like ages away, especially because we have a November and a December to get through first. What fun we have in December, seeing our families for the first time in a long time, taking a well-deserved break, celebrating weddings and simply getting a chance to relax.
It is amazing how much focus we put on how our December is going to look and little mind to what comes after having the time of our lives. Now, I understand that planning for January may seem to be a buzz kill to December and may limit just how reckless one can be in December. However, ‘Januworry’ is very real, and it has led many to the mercy of massive debt.
Januworry – by its own name – is the worry that comes with the month of January when one has recklessly spent all their available money in December and have little to nothing left for them to survive in January. They sit in anticipation of their next pay cheque, or if things get tough, they resort to taking a loan.
So, how do we avoid being broke in January? It should have all begun in the previous January, with a financial plan, financial goals, the use of a budget and consistency. However, if you have not been planning all year, it is not too late, there’s hope, but you must act immediately. Like anything to do with money, it requires patience, commitment, and consistency.
There are some tricks and tips that might help you make ‘Januworry’ go away completely. For early bird planners and the less risky bunch, make a budget that includes a saving for the month/s before January and stick to it. Place your savings in a short-term investment scheme that can earn you some extra cash for January. Finally, make a list of everything you need to spend on and do a reality check on it. The check can be guided by questioning whether every item on the list is indeed a need, a necessity or simply a want and adjust accordingly. Yes, it may seem like a buzz kill, but it will be worth it when you have a smooth January.
In the case that you no longer have the capacity to plan; you can still survive the trenches of ‘Januworry’ by making small changes to your habits such as cutting on nice-to-have ingredients and using whatever is available to make a decent meal. This will allow you to save the money you usually spend on ingredients. In addition, instead of buying lunch at work, pack a lunchbox from the food you prepared. Further, avoid taking your card with to work, this will discourage unnecessary spending.
This year has been one of the toughest years financially, with interest rate hikes, increased petrol prices and a recessive economy. Therefore, January is almost guaranteed to be even tougher. Take caution and ensure to avoid being another ‘Januworry’ victim.
*Justine Domingues is an aspiring CA (NAM) with a drive to make financial education widely available. She is the founder of Financial Zula, a Youtube channel that focuses on making financial education available. For more information, please check out Financial Zula on Youtube.