Plan for January 2023 Now

The end of the year is all but here. If you are one of the fortunate, you will receive a year
end bonus. This is a well deserved reward for hard work throughout the past year. However,
before making plans on how to spend your bonus, stop and think a moment about the
upcoming year.

There is no reason why a small portion of your bonus can’t be used to spoil yourself a little
for the effort put into the year. The trick is to plan and spend wisely. Many people are often
overwhelmed with the thought of having extra cash in their bank accounts. They also may
be influenced by adverts heralding year end specials and promotions.

January is typically a stressful month for many South Africans. There are a number of
payments and purchases that are necessary in the beginning of the year. School fees for
your children’s education are but one of them, along with the inevitable purchase of school
uniforms and stationery.

There are a number of tips that you could use to ensure that you make the most of your
year end bonus, wisely.

  1. Plan ahead. Knowing that you have commitments (towards schooling for example) in
    the new year, ensure that you put aside the monies you’ll need to ensure these
    commitments are met.
  2. Draw up a budget – an oft mention tip, but a necessary one nonetheless. If you know
    how much money you have, and how much you need to pay out, you’ll have better
    control over your spending.
  3. Don’t spend January’s money in December. It is often tempting to splurge on
    something you want rather than something you need. When you have a budget in
    place, you are less likely to overspend. Furthermore, the thought of having
    insufficient funds come January for necessary expenses should be reason enough to
    stop you from spending money that is already allocated to something else.
  4. Ask for advice. For some, creating a budget, saving and spending wisely can be a
    challenge. There is help available.

Spending wisely is possible. It takes careful planning and determination. The best reward
you can give yourself for your year’s hard work is to put money aside for a great start to the
new year.

Speak to One Debt today for more information about preparing a budget.