Beat the Janu-Worry blues
While it seems like Janu-Worry is a myth for some, it is a harsh reality for many, who are finding themselves strapped for cash after all the spending over the festive season.
Seemingly, January’s bills are to be settled with December’s already stretched out salary, and with new additions such as back-to-school bills, this can cause a financial strain, resulting in panic.
“Ideally, you need a plan for January beforehand, however if you haven’t, there is no need to worry because there are various steps you can take to salvage the situation,” said Standard Bank’s communications manager Surihe Gaomas-Guchu.
She advised that there are several fool-proof ways to address financial constraints without having to despair.
The first thing you need to do is to take stock. This means that you should have a realistic and honest assessment of your current financial situation. Look at how much you have, who you owe, how much you owe them and when you need to return it. It is only when you have taken stock of your debt and how much you have that you can begin parting with your money.
After you’ve taken stock, it’s time to begin prioritising. Look at which bills you urgently need to pay for and which can wait. The urgent bills would be your rent or mortgage, water, electricity and any other bills with the highest interest rates.
Reign in all your extravagant spending for the month, if you can live without it for the month, live without it. As opposed to signing up for the gym in January, begin working out at home until your finances are on track than you can sign up. Buy your groceries in bulk so they last long as opposed to having to go shopping every week.
If you can, try not to borrow more money in January because it only increases your debt. The more debt you have the less money you will have throughout the year because you will still be paying off those debts. Use this time to also begin planning on how you intend on spending later in the year. This allows you to know which major events to set-aside a little extra for.
If all else fails and you are stuck financially, then you can get a loan. It is advisable to visit your bank as opposed to turning to loan sharks who often have exorbitant repayment charges. You can visit your Standard Bank branch and talk to your personal banker on how to get a personal loan.
STAFF REPORTER
Seemingly, January’s bills are to be settled with December’s already stretched out salary, and with new additions such as back-to-school bills, this can cause a financial strain, resulting in panic.
“Ideally, you need a plan for January beforehand, however if you haven’t, there is no need to worry because there are various steps you can take to salvage the situation,” said Standard Bank’s communications manager Surihe Gaomas-Guchu.
She advised that there are several fool-proof ways to address financial constraints without having to despair.
The first thing you need to do is to take stock. This means that you should have a realistic and honest assessment of your current financial situation. Look at how much you have, who you owe, how much you owe them and when you need to return it. It is only when you have taken stock of your debt and how much you have that you can begin parting with your money.
After you’ve taken stock, it’s time to begin prioritising. Look at which bills you urgently need to pay for and which can wait. The urgent bills would be your rent or mortgage, water, electricity and any other bills with the highest interest rates.
Reign in all your extravagant spending for the month, if you can live without it for the month, live without it. As opposed to signing up for the gym in January, begin working out at home until your finances are on track than you can sign up. Buy your groceries in bulk so they last long as opposed to having to go shopping every week.
If you can, try not to borrow more money in January because it only increases your debt. The more debt you have the less money you will have throughout the year because you will still be paying off those debts. Use this time to also begin planning on how you intend on spending later in the year. This allows you to know which major events to set-aside a little extra for.
If all else fails and you are stuck financially, then you can get a loan. It is advisable to visit your bank as opposed to turning to loan sharks who often have exorbitant repayment charges. You can visit your Standard Bank branch and talk to your personal banker on how to get a personal loan.
STAFF REPORTER
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