The January blues epidemic affects households at the beginning of each year, a consequence of the excessive spending during the holiday season. Here are some tips to prevent it.
The “January blues” itself is not a real illness, but rather a popular term to explain the financial difficulties of the month of January. For some, this month seems never-ending due to the excessive expenses related to the year-end festivities. This “illness” is characterized by its manifestation only in January and naturally resolves upon receipt of the salary. To survive this long month until the next payday, here are some tips.
1. Limit your expenses
During the holidays, setting a spending limit is crucial to save money. Even if you cannot avoid expenses related to gifts or outings, it is essential to set a budget limit.
2. Plan your budget
Remember that you will still have bills to pay in January. Therefore, it is essential to plan your budget in a way that you have the necessary funds to cover your expenses in January. Your financial habits during the year-end holidays will have a direct impact on your financial situation in January.
3. Avoid debt
Many financial institutions offer short-term loans and holiday packages during the holiday season. However, it is important not to succumb to these offers, as it could lead to additional debts the following year. During the holidays, it is preferable to avoid taking out loans to prevent ending up in debt in January.
