Tips For Facing The January Slump

It’s nearly the end of the year, and with December comes one of the times of the most spending out of the whole year. With weekend vacations, business dinners, Secret Santa parties, family dinners, Christmas gifts for everyone, New Year’s Eve parties and more family dinners, there is a ton to budget in before December even ends, and then comes Three Kings Day and the January sales. Overall, the beginning of January, when people return to reality and see their bank account, is a time when people start to worry a bit about money. That is why today in this article from ShBarcelona, we want to give you some advice for facing the January slump.

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Plan, prioritize and be responsible

Make a list of the fixed expenses and income that you can count on for the next months. Taking a moment to stop and add up the exact amount of your spending for each month is a good exercise that everyone should do every once in a while. It may help to give you an idea of which spending you can do without and could allocate towards other things. When you have the numbers laid out in front of you, the best thing to do is make a budget and try to stick to it, giving priority to what is truly necessary, urgent or important. The holidays are a time of excess in many senses, so having a clear and organized budget will help you to avoid unpleasant surprises in January. Even then, however, unexpected spending can still happen; if you are going to use your credit card for a larger purchase, think about if it’s something your budget truly has room for first. You can still enjoy the parties with family and friends, buy great gifts for your loved ones and have a wonderful holiday with your finances under control.

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Right after the Three Kings celebration puts the final touch on the holiday festivities for the year, the January sales begin. If you let yourself be carried away by the wave of consumerism, you can end up buying things you don’t really need, as opposed to shopping responsibly and consciously. Compare prices at different stores, since there are places that offer much better discounts than others; the Internet is a great way to look ahead and make comparisons. Take advantage of the opportunity to buy quality products that will last longer and be a good investment rather than cheaper ones that will likely need to be replaced sooner. Be especially wary of “bargains”, as a product might be marked at a super low sale price, but think about if you really need it and would have ever wanted it before seeing it. In fact, avoid going shopping for January sales at all if there’s not anything you really need; it’s the best way to avoid spending unnecessarily. Confronting the cost of January will be much easier if you’ve planned ahead, prioritized and have made a good budget. If you still, even then, know that you’ll be in a bind at the end of the month, there are small things you can do day to day. Using your car less and instead opting for biking, walking or public transport will help you to save money on gas. Think carefully about the places you do your shopping as there can be a wide range of prices between stores. You can also bring a homemade lunch to the office rather than going out each day, as it’s cheaper and will allow you to choose more food options.

Do you have any tricks for saving money during the holidays?