After all the festivities from the year before having died down, the month of January can often feel like it is 31 days doubled… even tripled! On top of that, the much-awaited payday also seems as if it purposely fails to appear within view.
If you feel you might be struggling to stretch your money to the end of the month, consider these tips to make your money last.
Understand your spending habits
Money mindset coach Kel Galavan, also known as Mrs Smart Money, explains that you should track your spending to accurately figure out what you are spending your money on. “An easy way to do this is to look at your last bank statement to get a truly accurate feel for where your money is going. By doing this, you can identify areas of overspending and create a plan for cutting back or redirecting those funds into more productive uses,” says Kel.
Buy in bulk
Local insurance company Budget Insurance suggests that when you have the money, buying products you need in bulk can help stretch your cash until the end of the month. “Consider making a list of all the things your family can’t do without and when you have the money, buy extra to see you through.”
Consider cooking cheaply
You can’t avoid grocery shopping, so it is best to focus on inexpensive and healthy meals that can last a day or two, says Budget Insurance. The company further adds, “Minimise the chance of wasting food as much as possible by only buying what you need and always keeping whatever is left over for the next day or incorporating it into other meals.”
Check out discounts
“Whether through coupons or loyalty programmes, take advantage of discounts whenever possible to get more value for money this month,” notes Kel.
Automate your savings
Kel also shares that you can set up an automatic transfer from your checking account into a savings account. This way, you won’t be tempted to spend your savings.
