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Feeling the Pinch? Five January Budgeting Tips

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Traditionally most people find January the toughest time of the year financially as the pressure from the end of the year expenses take their toll.

Creating a budget is a very useful exercise, but it is necessary for you to understand your reasons for doing it. Then you will be more likely to execute it in the correct fashion and be successful in keeping to it. It can help to stick to if you set yourself some sort of goal that you’re saving for – maybe a holiday, a car or a deposit on a home.

Of course it is not the ultimate solution in controlling your finances, but the idea is that it will guide you in the right direction and help you to spend less than your income. 

Well here are 5 budgeting tips for the leanest month of the year that we hope you may find useful.

1) Work Out Your Exact Budget

Work out the amount of money you would need in a week. Then only draw out that amount in cash on a weekly basis and use it for the expenses that you have budgeted for.

The idea of that is, if for example you were to pass by a shop and get tempted to buy something on impulse, you would think twice about splashing out the money from your pocket, as opposed to using a credit card which is far too easy.

You don’t necessarily realise the impact that a ‘card swipe’ will have on your finances, but physically using the cash will make the expense become more tangible.

2) A Problem Shared is a Problem Halved

Far too many couples don’t talk about their financial problems. They’re under the false impression that by not talking about it or facing up to it, the problem will go away. Well it doesn’t. It only comes back to bite you even worse!

Don’t try and pander to your partner or another loved one just to make them happy in the short term. Be honest with them and include them in the budget by letting them be a part of it. If you don’t all pull together in the same direction, you’ll be fighting a losing battle.

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3) Keep a Note of Your Expenses

Write down what everything is costing as you go along. It may be useful to keep your receipts also. This way you will stay aware and be more in control of your budget by not overspending.

Also keep a regular eye on your bank account to make sure that you don’t go into overdraft and pay any unnecessary fees because that can be as annoying as receiving a parking ticket!

4) Stop Laying Out on Any Unnecessary Membership

This is something that is very easy to keep putting off. Many of us pay out regularly for things that we don’t really need and don’t even use. A gym is a typical example. Now if this type of membership is being used often enough, then it is can be cost effective providing that you don’t waste money on eating and drinking while there just for the sake of. On the other hand, if it’s not being used often enough, it can equally become ‘cost ineffective’!

If you are a full time member of anything at all, check out exactly what it’s costing you and look for an alternative that would be cheaper. If it’s a gym then maybe you’d be better off to pay as you go.

5) Don’t be Too Hard on Yourself

If you lose your way a little and don’t manage to keep to your budget or have to pay for something unexpectedly, do not let it stop you from carrying on. Think of the analogy of being on a diet and eating something that you shouldn’t have. Likewise someone trying to quit smoking who has a cigarette or a couple of puffs of one at a weak moment. As the saying goes – get back up on the horse! Don’t beat yourself up about it.

However, if you do need help with that unexpected expense and feel like you’re losing control, then PaydayLoan123 can help you find and receive a short term loan. Bear in mind that the shorter the term that you borrow for, the less you will have to pay back.

About the author

Peter Davis Peter Davis is a Marketing Analyst at PaydayLoan123 specialising in financial products. Peter writes most of our articles as he stays up to date with the latest information. He enjoys most sports, particularly playing football and watching his favourite football team. Peter really like his food too as we have all witnessed first hand!

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