January is not only the first month of the year, it is also known because in this period the famous January slope is produced.
During it, many people see their funds of money reduced due to the expenses or debts acquired in the holidays, as well as to the increase of prices in products and services.
Being a complicated month for finances one wonders, is it possible to start the year with a full wallet?
Not only is it possible, but the month also provides an excellent opportunity to define the finances for the rest of the year.
Here is a brief guide to get to the first month of the year with a full wallet.
Whether buying a home or going on vacation, setting a goal is important to having control over our finances.
If the goal is to go on vacation in January, it’s a good idea to rely on a savings account to meet the goal.
You don’t even need to save all year to do this: just set a fixed amount to save from six months before January to have a budget ready for the holidays.
Pay off your debts as of December
Or earlier, if you can, since people usually arrive in January with debts acquired during December, plus those that accumulated in the rest of the year, which causes that when arriving at the first month of the year, loans must be made.
In order to have a full wallet in January, it is important to get out of debt and a part of the Christmas bonus can be used for this.
The distribution of profits, to the January rescue
Another good strategy to get to safety in January is to use the profit sharing to have a “mattress” of money to start the year.
The distribution of profits takes place in May and June and consists of companies giving their personnel a part of the profits that a company obtains from the productive activity they carry out.
If you open a savings account and deposit your profits in it, you can have a month of January without so many complications.
Don’t be afraid of apps
There are two great applications for managing money directly from your smartphone: one is iGasto for iOS and the other is Cost Control, exclusive to Android.
The first one has a nice design at sight and offers the opportunity to organize expenses by categories, get daily, weekly, monthly or annual summaries, which allows you to know exactly how much we spend.
On the other hand, Cost Control has a wide range of tools, which allow the user to generate an Excel file with all the expenses made and send it by mail via Dropbox, bluetooth, Google docs, etc.
The application even allows you to attach photos to justify each of the expenses generated.
Both applications can be excellent tools to save and reach January with a full wallet.
Get money out of your space
Do you have extra space to rent? Airbnb is an excellent option to make the most of it.
If you have an extra room in your home or apartment, you can download the application and follow the instructions to register for extra income.
The best thing you can do is take advantage of the holidays to make your space available in the app, so you can have an extra income that you will like very much in January.
Take advantage of New Year’s prices
During the holidays not all the merchandise in the stores is usually exhausted, so the shops return to take out those products with discounts, to give rotation to their merchandise.
It is an excellent time to invest in winter clothing as it will have a much lower price than in December.
Give frozen food a chance
When shopping in December, there are always plenty of ingredients that are not used for the Christmas dinner.
Freezing these ingredients and using them in January can help you not to invest as much money in the super purchases anymore.
And the best part is that not only meat can be frozen: vegetables can also be preserved this way, which maximizes the chances of getting more out of the January budget.
Belt Tightening Doesn’t Have to Be Suffering
Usually when someone mentions this, it is often thought that you should stop eating or deprive yourself of comforts but nothing further from reality.
What you should do rather ask yourself:
Do I really need everything I have?
This is because there are needs that can be missed without affecting our quality of life.
The cafés, the outings to eat or bars, are activities that can be given a break in the first month of the year to maximize our money.
Another service that can be momentarily dispensed with is streaming.
Applications such as Spotify, Netflix or Youtube Red can cease to be used for a month, so you can save and have some cash for contingencies.