Christmas time, the pandemic, and a dwindling SA economy all have had an unfavourable effect on our financial situation. January is always a tough time on our pockets, and even more so after a challenging year. Thus, it’s an opportune time to reassess our money habits and set out clear intentions for the new year.
To help you out, here are a few money-saving tips to be financially-savvy in the new year.
Review your budget
As your lifestyle and priorities have likely shifted over the past two years, so too should your budget. Take the new year as an opportunity to reassess your daily, weekly and monthly spending habits. Analyse how you can cut back on certain expenses and achieve your financial goals - for example, saving X amount of money each month.
You can also create a spreadsheet to keep these intentions in check.
Think twice about your online shopping
The appeal of online shopping is that it’s easy and convenient, making impulse purchases super tempting. To combat this, try removing your banking details from online shopping sites. By having to input your credit card details manually each time, you’ll think twice about whether the purchase is really necessary.
Clear your debt
There’s nothing worse than heading into the new with a cloud of debt hanging over your head. Make it a priority to clear whatever debt you owe. Prioritise your debt in order of importance and create a plan to pay it off on a monthly basis. Try to pay off as much as you can afford and remain consistent until the debt is cleared.
Try online selling
There are tons of sites that allow you to quickly and easily set up an online store. To make a bit of extra cash, go through your belongings and see what can be sold. Things like furniture in good condition, quality homeware items or hardly-worn clothes can earn you good money. Try shopify.com or wix.com to get started in the e-commerce arena.
Don’t be afraid to return things
Returning items can often be an awkward experience or seem like a major effort after waiting excitedly for it to arrive, trying it on and being disappointed at what you get in person. However, sometimes we shouldn’t just take the L, but rather take the initiative to get our money back. So if you’re not happy with a purchase or receive a gift you know you’re not actually going to use, cut your losses and make some cash.