How To Make January Financially Easier
January can be a tricky time financially if you’re not careful – after spending more than you usually would in December, thanks to Christmas and all the expense that comes with it, going into January can be a challenge when it comes to money.
The good news is there are some things you can do to make January much easier when it comes to your finances, even if you have overspent during the festive period. With that in mind, here are some things you can do to help make January a much better month and not something to dread.
Cut Unnecessary Expenses
January is a time for fresh starts, so why not take a look at your outgoings and cut anything you don’t need? That could be subscriptions to the gym (you can work out from home for free, and if you’re looking for ways to cut costs, that could be a good option) or magazines, for example. It could be a TV streamlining service that you just never look at. Or what about all those free monthly trials for things you signed up for and then never ended? Now’s the time.
You might be surprised to find that once you cut out anything unnecessary, you save a huge amount of money that could be used to make life easier or to pay off anything extra you put on a credit card over Christmas.
Get A Loan
If you want to improve a bad financial situation, something that can often work well is to get a loan. Although that might sound as though it’s going to make things worse because you’re adding borrowing on top of borrowing, if you use the loan wisely, it could be the best thing to do.
The key is to use the new loan to consolidate all the old borrowing – in other words, you use the new loan to pay everything off. You’ll only have to deal with one payment after that, and if you spread the loan out, you’ll usually be paying less per month, so it helps hugely.
Start A Side Hustle
As we mentioned above, January is a time for new beginnings, and it might be exactly the right time to start that side hustle you’ve been thinking about. You’ll have had a little time over the festive period to just relax and unwind (ideally, at least), and that’s the perfect time to put some plans in place to start the new year with a bang.
Whether it’s freelancing, selling handmade things, providing a service, or anything else, having a side hustle means you don’t have to give up your main job, but you can make some extra money to help with the January bills, which tend to be higher than most. There is a lot to think about when you’re starting a business, no matter whether it’s big or small or how far you want to take it, so do take the time to think things through and have a good plan in place – just starting and hoping for the best isn’t usually the best way to reach success.