It’s been awesome, but soon after the December festivities, the month infamously known as “Januworry,” rolls along. It’s the month where buyer’s remorse have most of us living on a shoestring budget, looking for ways to stretch our cash.

School fees, credit cards, groceries, utilities … the strain of financial stress is exhausting. But the good news is that there’s always hope when money is tight. You can be financially healthy. Financial health doesn’t have as much to do with your net worth as you might think; outsmarting financial stress is all about implementing a few rock solid principles.

Let’s assess the damage and start planning. If you’re struggling financially and if leaving your medical aid is a consideration right now, it’s worth looking at other venues to start saving money. Let’s face it, it’s never a good idea to be without this safety net as accidents and illness can happen at any time.

So, let’s pop the cork on these sure-fire financial tips to kick off 2022:

• Step away from the sales. Post-holiday sales can be tempting, often with deep discounts, but don’t do it. Don’t get yourself deeper into debt.
• Sell or return unwanted presents. This may sound a little cruel but any gifts you know that aren’t going to be used (or perhaps you have received duplicates of) can be returned or sold online to generate some cash.
• Consider a side-hustle. Be creative, there are so many great ideas out there. Enquire about overtime opportunities at work, or clear your cupboards and have a car-boot sale. You’ll be surprised at how much cash you have lying around the house in the form of items that you can sell.
• Take care of debt. Paying off high interest debt first could lower your total debt much faster.
• Ditch the plastic. Stash those nasty credit cards in a safe place until you get everything paid off.
• Put a budget in place and cut back on luxuries. No frivolous spending! No fast food (or coffee!), home décor buys, clothes, etc. Eat out of your pantry, fridge, and freezer for the next few months.
• Track your finances. Keep a log of what you’re spending or download an App - maybe Mint, Personal Capital, or Level Money - to file how, and where you spend your money.
• Stop comparing yourself to others. Just because “everyone” has the latest iPhone or Michael Korrs bag, doesn’t mean that you need it. Take a moment to assess how this will impact you. Will it make your future better? Can you pay for it without a credit card? If the answer is no, well, then you can’t afford it.
• Start saving! Allot a certain amount to your savings fund each month, start small, but start.

Remember, even a slight change in your daily habits can have a lasting effect.

Good luck!

Source:  news24.com, payplan.com, moneycrashers.com, accru.com, kgoricapital.com, aia.com.my, debt-free.help, focusonthefamily.com, cnbc.com, clark.com, thecollegeinvestor.com, africansmakingmoney.com, showme.co.za, .daddacool.co.uk, womenyoushouldknow.net

DISCLAIMER: The information on this website is for educational purposes only, and is not intended as medical advice, diagnosis or treatment. If you are experiencing symptoms or need health advice, please consult a healthcare professional.