How to beat January financial woes

Many may have become a little too excited with their finances during the festive season and feel like their pockets have grown holes especially with all the January demands.

On top of demands for school fees and uniform or stationery requirements, you might also have an unexpected cash flow hangover from unplanned festive season spending.

A recent survey of festive season spending by global accountancy firm Deloitte found that gifts represent only one third of the average holiday spending. In fact, the bulk of spending over this period is related to sprucing up wardrobes and homes as well as entertainment and socialising away from home.

“It is easy to underestimate how much these extras will add up to and play havoc with our new year budgets,” said Richard Mukheibir, chief executive officer of Cash Converters.

Mukheibir provided five ways to help with January financial woes:

1. Know your cash reserves and budget

2. Work your salary efficiently and spend wisely

3. Sell items for cash

4. Consider taking a loan

5. Secure a cash advance from your salary.

What financial steps did you take to prevent overspending during the festive season? Let us know by posting on our Facebook page!