Janu-Worry follows after the festive season when people tend to overspend, exchange gifts, and enjoy holidays and celebrations with loved ones. Needless to say 2023 took a toll on every South African from interest rates hikes, fuel increase, load shedding and the increase in cost of living. Last year required all consumers to buckle up and conduct thorough assessments of their respective finances.

Why Is It Known As Janu-Worry

January is typically recognized as the most challenging and “longest” month. This is because many individuals received their salaries early, extending the subsequent month and resulting in a period of over 7- 8 weeks until the next payday. 

Janu-Worry Financial Struggles

In mid-January many people face significant financial difficulties. This is particularly true for parents who need to buy school supplies and essentials, pay school fees etc. For certain individuals, the primary concern revolves around securing funds for commuting to work and covering the cost of groceries until their next pay day. Additionally, there are everyday expenses for self-care and household needs.

Here are some helpful tips to assist you in effectively managing your budget and making your daily expenses last until payday;

1. Try to stay away from credit – during this time, individuals may find themselves depending on credit, which can lead to the creation of a harmful and never-ending cycle.
2. Stretch your budget – to ensure you have enough supplies until the end of the month or your next payday, reduce grocery trips and only buy essential items. This will help you manage your funds effectively.
3. It’s okay to delay plans – push any commitments or events till the following month, this will provide you with sufficient time to recover financially.
4. Sell Items you no longer use – it may be a good idea to consider selling items you no longer need or use. This will allow you to use the money sparingly for the remainder of the month. 

February Should Offer Relief Because It’s The Shortest Month 
February is a great time to assess any financial challenges you may be facing. Since it’s the beginning of a new year, you have the opportunity to evaluate your savings strategies that will support you for the remainder of the year. It might also be a good time to improve your budgeting skills for the year ahead. Saving is about forming good financial habits and these habits can help you build wealth for your family and for yourself.

If you’re struggling with debt and can’t find a solution, or if you need help and advice on how to manage your debt effectively, please don’t hesitate to contact us. Vantage provides a free financial assessment.