Financial tips for January: how to “survive” after the holidays and plan a budget

0

New Year's holidays leave behind pleasant memories, but at the same time they noticeably empty your wallet. January can be a challenge for your budget, but with the right approach, you can stabilize your finances and start the year on a positive note.

A properly planned budget will help you “survive” after the New Year's holidays. “Telegraph” has prepared practical tips for you on how not to be left with anything in January.

Do a financial calculation

The first step is to analyze your expenses for December. Write down mandatory payments (utilities, loans) and calculate how much is left for other needs. This review will help you see the real picture.

Make a realistic budget

Divide your expenses into categories: food, transportation, bills, entertainment. Set a limit for each category and try not to exceed it. Plan a reserve fund – even small amounts (5–10% of income) can come in handy.

Pay bills and loans first. This will help you avoid penalties and debts that could complicate your financial situation in the future.

Consider additional sources of income

If your financial situation is critical after the holidays, consider taking on a part-time job or selling unnecessary items. January is a great time to clear space and earn money.