Ways to Save Money in January as an Entrepreneurs
Are you curious about how to save money in January? Then, this article is for you. Read through and follow the tips if you do not want to starve in January.
Have you looked at January’s calendar? People usually make jokes that January contains about six months in one. And, it usually plays out as the month often feels unending. But, suppose you are wondering why it always works that way.
You need to understand that everyone engages in lavish spending and expenses in December. Many people agree that people spend the most in December globally in a Quora quiz. After all, it’s the holiday season, and people spend money on things to celebrate.
We would not say that it is wrong to spend money during the holiday season, but you also have to be conscious about the next month. For example, if you finish all your money in December, how do you expect to survive in January before your next paycheck? Yes, you want to be happy and merry in December, but you also need to survive in January.
Therefore, you need to learn how to save money in January. Many people complain that it is hard to save money, so we have compiled some tips on saving money in January.
Every year, Prosper’s friends wonder how he can live without complaining in January. But, unfortunately, they do not realize that he is always conscious and engages in some of the tips we will be highlighting below.
Asides from helping to save money in January, some of these tips are also general helpful money-saving tips. So, when others are encountering issues in December, you will be relaxing with peace of mind knowing that you have secured yourself for the month.
Therefore, you must be ready to abide by the following tips if you want to have adequate money in January.
In no particular order, here are some tips below:
- There is food at home
Did you know that it is more expensive to buy food? Of course, it may seem easier to buy food than preparing food as you will reason the time it takes to prepare food. However, it is more expensive to order food, which takes up more.
For example, you can agree that food vendors sell food in small portions. So, you will have to order a lot before being satisfied. In addition, you may also need to pay for delivery when you order these meals, and it adds to the cost.
So, imagine ordering food every day, twice daily. You can tell that it would take a toll on your pocket or bank account.
Therefore, a top tip to use and save money in January is remembering that there is food at home. Understandably, it might even be tempting, and you might not be able to resist buying some of those delectable meals outside. But, also keep in mind that cooking at home is cheaper.
You will realize that you get to save more when you begin to cook at home. And, people usually say that eating at home is more satisfying than what you get when you order food from outside.
- Stream concerts
The holiday season in December is always the time to be jolly and merry, and people are always looking for a way to be entertained. We also see that most artists prefer to have their concerts during this holiday as they believe that more people will attend since most do not need to bother about work.
However, we also see that you will need to get tickets for these events, and the tickets are expensive. Now, imagine if you desire to attend the concerts of all your favorite artists. By the time you are done attending all these concerts, you will have no money left to use in December.
But how do I entertain myself in December? It is one of the top questions that we get from people. Now, please do not misunderstand what we are saying. We are not saying that you shouldn’t entertain yourself, but you also need to save costs.
Therefore, instead of attending these events physically and paying money for the tickets, you should stream the concerts. Yes, you will need data to stream these concerts, but it would be cheaper than the ticket fee if you want to attend physically.
In addition, you save yourself stress, time, and energy.
- Pay in cash
It is easier to get carried away with spending lavishly when using your card to pay. You will realize that you will continue swiping until your account balance goes down to almost zero. However, you will find it hard to pay for some things when paying for cash.
Typically, we see that people get carried away with their wants, which is what finishes their money. But when you want to pay with cash, you will see that you are concentrating on only your needs.
Some people are impulsive buyers and will always want to get junk and more. But, all these are not necessary if you want to save money in January. We also see that people do not monitor their account balance when paying with their cards. But once you have to pay with cash, you will always be conscious.
Also, you will feel certain when you need to part with huge sums of money for things that are not important. It is why we advocate that you pay with cash instead of using cards.
There are many reasons why a person should always use cash to pay instead of a card, especially when trying to save.
- Cancel your gym membership
You may also be involved in some memberships that you need to drop when trying to save money. That is not to say that you should not return to them later. However, you may need to drop such memberships for some time so that you can save money and survive. But once you are back on your feet, you will need to renew them.
For example, it would not be out of place to cancel your gym subscription. Yes, it allows you to stay fit, but you can always find an alternative and start exercising at home. In addition, those who have gym subscriptions will agree that the price of gym memberships could sometimes be high. And, it would be inappropriate to take such sums away, especially when trying to save money.
So, you can cancel your gym membership and opt to go on morning jogs and walks, all these do not need you spending money, and you will still stay fit. It is always best to keep in mind that the gym is not running away, and you can always renew the membership whenever you desire.
However, life will be tough if you do not have money to survive in January.
- Priorities your needs from your wants
December and even January are not the time for you to be buying things anyhow. But, it may happen if you do not have a priority list.
It is always important for everyone to separate their wants from their needs. This way, you will know the things that need your immediate focus. For example, when trying to save money in January, the goal should be only to get what you need and not what you feel you want.
Your wants are usually not of utmost importance, and you can get them later. So, your money should only be for things that are urgently needed. Once you deem that you can get something later or are not using it at the moment, it should be on your wants list.
If you can use a mini-fridge at the moment, there is no need to get a big freezer. But, of course, it is not inappropriate to aim high and desire to get a big freezer. But it is also important to live within your means can get things that can get the job done. Therefore, the mini-fridge would work until you can get big freezer without it cutting deeply into your funds.
- Shop at discount stores
We often see that many stores inflate their prices during the holidays to make more money. However, they know that people will always buy things, so they know it is impossible for people not to shop during such a season.
Now, if you continue shopping at such stores, you are sure to finish all your money during the season. And, there will be nothing left by the time January rolls in, and you will find it hard to survive.
So, what do you do? First, of course, you may be wondering what will happen, especially as it would be impossible not to buy things in December. Well, the solution would be to get things from discount stores.
As long as stores are operating, some stores make discount sales, and you need to take advantage of them. The only hurdle would be in figuring out the stores making discount sales. However, once you can find these stores, you can buy things cheaper.
Interestingly, we also see that these discount stores get high patronage as everyone is to get things cheaper. So, you would be doing yourself a disservice if you do not utilize the opportunity.
- Cancel your subscriptions
So, your Netflix, Apple music, and all other subscriptions are due by January. And, you are thinking of how your bank account would go lower by the time you pay the subscriptions. When the money is deducted from your account, you will be left with almost nothing to use and survive the month before your paycheck comes. So, you are wondering what to do.
We would advise that you cancel your subscriptions they the money is deducted from your account. After all, the world will not come to an end if you do not use Netflix that month. We are not saying that you should stop watching your favorite movies, but you can pause for the month and continue in the next month.
Many people often have multiple subscriptions, leading to why people struggle with their funds. But, you will still have money in your account if you do not have to pay these subscriptions for the month.
The money for all your subscriptions might seem small, but it would always come in handy, especially if that is your last cash. Therefore, a helpful tip to ensure that you still have money in January is to cancel your subscriptions.
- Buy in bulk
How do you usually handle your shopping? Do you buy things in bulk, or do you get them as you need?
Interestingly, we see that buying things in bulk is usually helpful and would help you save costs. Although this article is not about businesses and how they work, allow us to tell you that these stores sell things cheaper when buying in bulk. Thus, it comes in handy to buy these down to not bother about them in January.
For example, you need to restock on provisions in the house. Therefore, it would not be wrong if you did not take advantage of buying from a discount store during the holidays. Now, you have enough provisions that would be enough in January, and you will have peace of mind. Yes, such an idea will work for non-perishable goods. Also, we often see that when you buy things in bulk, you have them for months.
We always advise that people buy things in bulk to ensure that they do not encounter hurdles and challenges. Once you do not have to worry about provisions or other needs in January, you will see that your money will be sufficient. And, you can survive until the next paycheck comes.
- Automate your savings
We are sure that you will always hear people talking about the benefits of saving, and allow us to join the train. When you save savings, you will not have many burdens in January. And even if your money finishes before the paycheck comes, you can always depend on your savings.
But, unfortunately, we see that many people do not have savings. They complain that it is almost impossible to save, especially when they have different bills to pay. Therefore, they would struggle with taking out money to save.
Understandably, savings can be hard when thinking about your various expenses. It is why we propose that you automate your savings. It is something that comes in handy at any point of the year. And, you do not have to wait until December before you start saving. If you wait until December, you will not have enough money for January.
So, we can say that the tip of automating your savings is a general money-saving tip. The idea here is that a certain sum is automatically deducted from your account either monthly or weekly. And, by the time you check, you will see that you have saved a substantial amount of money.
- Stick to your budget
We are sure that you usually have a monthly or spending budget, and you shouldn’t go over such a budget. And, even if it is the holiday season, you must not exceed your budget, else you will regret it.
But, unfortunately, we see that some people fail to stick to their budget because of peer pressure. For example, you see that your friends are squandering a lot during the holiday, and you also decide to join them and plunge funds. However, the money you are spending is over your budget and is supposed to be what you will use and survive in January. So, now that you are wasting such funds, what do you expect to use for survival in the next month?
You must not spend money that you cannot afford because others do the same thing. After all, you do not know how they got such money. It could be that the money was a gift or their parent’s money. But you are joining them to spend your funds.
Even if it is their money, it could be that they have it in excess, so it won’t hurt for them to spend it. But if you are always on a budget, you should stick to such a budget.
Some of the frequent questions we get are:
How can I save money fast in a month?
The fastest way of saving money monthly is by sticking to your budget and automating your savings. Once you exercise self-control and stick to these tips, you will see that the process of saving money becomes easier and faster.
How can I save money in 2022?
You can save money in 2022 by sticking to all the tips we have highlighted above. These tips can come in handy at any time. Therefore, it should be a part of your lifestyle. If your goal is to be financially independent in 2022, stick to these tips.
What is the 30-day rule?
The 30-day rule is also another money-saving tip. It states that if you see something you want, you should wait for 30 days before buying it. Then, if you still want it after 30 days, it means it is important, and you should get it.
January is fast approaching, and we do not want you to be miserable because you do not have money. Thus, follow all the tips we have talked about, and you will enjoy the month.