How not to be broke in January

I read a recent study that 51% of all South Africans failed to pay all their bills in January 2019.

Another harsh reminder that people do not plan their spending and also do not budget for the holidays.

I decided to give you a few tips and ideas on how to not be totally broke by January.

  1. Do a budget
    It takes 15 minutes and this will save you a lot of stress and sleepless nights. Attached again the budget sheet I recommend.

  2. Use cash envelopes
    After doing your budget, go and withdraw cash for the expenses you tend to overspend and put it in an envelope and only use the cash in the envelope for the selected category when the envelope is empty, it is your indication that you have to stop spending.

  3. Cut back on gifts
    An easy way to overspend, but also to save money. Put down a strict budget for yourself on gifts for the holidays and stick to it. Also look out for specials that fit into your budget.

  4. Eat at home
    Cut back on eating at restaurants and rather entertain at home where your friends and family each bring something. It is healthier and it also does not hurt the pocket that much.

  5. Stay away from the Joneses
    Everyone knows them, they are the friends that spend and live the Fakebook life. These people are usually trying to impress with fancy restaurants and champagne. Do not mix with them, they are usually majorly in debt.