January is always referred to as the longest month of the year. This is not because the month has additional days. In fact, January has 31 days, just like some other months. What makes it longer then? Expectation. When you are expectant, time moves slowly. Most people, especially salary earners, are waiting for January’s salary.
A lot of people would have spent all their money during the festive season in December, while they forget to save for January. Most people forget that the salary they received in December was supposed to last them till January. If you have experienced this before, here are some tips to help you escape that experience this January
Understand that December earnings or salary is to be spent in January
Many people fail to understand that their December salary is meant to be spent in January. They spend all during the holidays and become stranded in January. Don’t join this group. After your December salary, the next will come towards the end of January. Understanding this will help you plan better.
List out all bills due in January
Lots of people pay their rent in January. For those with kids, a new term will start in January and school fees will be required. List out all the bills due to be paid in January, and set aside enough money for them.
Lock your December earnings/salary
If you feel you will be tempted to spend all your earnings or salary in December, lock them in a savings plan. There are tools that can help you do that. Reaprite is one of them. You also receive interest on your locked savings.
Automate your savings
If you feel you will not be disciplined enough to keep to your savings plan, you can simply automate your savings. Periodically, the amount you set will be deposited into your savings account. Again, you can simply automate your savings using the Reaprite App.
Budget all the expenses you need to make
List out all necessary expenses you will make before the year ends, and make a budget for them. Make sure the expenses are necessary so you don’t spend limited resources on unnecessary expenses. Most importantly, when you make the budget, stick to it to the last.
How to prepare for a “Detty December” on a budget
Save your 13th-month salary or any bonus you received in December
Some salary earners will receive a 13th-month salary, bonuses, or even awards that has financial rewards. If you receive any of these, you don’t need to spend it. Put them aside for future purposes. They can come in handy in January.
Save before you spend
Before making any expenses, save! Most importantly, save in a platform that grows your money. When you save with Reaprite, you can receive up to 16% p.a interest on your savings. Our anniversary promo will soon end, so make good use of this opportunity to gain 20% interest p.a on your savings. Click here to begin.
The year is not yet ended, and there is still time to save from the remaining amount you might have left. Don’t spend all so that January won’t be the longest month of the year for you.
Leave a Reply