The anticipation for January salaries is probably driving most people insane. Family outings, social gatherings and shopping over the festive season have left people spent.

What now?

It’s time to reflect on what you could have done better (or limited) to make sure you don’t repeat the same cycle this December. If you don’t, you’ll be in the exact same position this time next year.

Putting a savings plan together for the festive season can be off-putting; some even view it as   a sign of lack; it’s not. It’s a sign of financial maturity and taking responsibility for your spending. Decide now how much you are going to spend in December 2020. Be generous with yourself as you would if you weren’t budgeting; working towards a festive season that will be less than what you are used to won’t inspire you to save for it.

Next, subscribe to the newsletters of places you usually shop so you can be alerted when there is a sale, purchase non-perishable items like alcohol, tinned foodstuffs and gifts during the year.

If you plan to spend Christmas with a specific group of people, open up a joint savings account or nominate one person to be the treasurer to collect money from each person every month.  You can all contribute equal amounts over a 10 months period.

Another January stress reliever is to pay your major January expenses like housing, school fees (and stationery), water and electricity etc., the moment your December salary lands in your bank account.

On a deeper level, do some introspection to get to the root of your poor spending habits. Is it peer pressure?  Or do you spend excessively to show off to people? Or perhaps you feel obligated to buy loved ones expensive gifts?

Whatever your reason is for overspending, you have the power to eliminate the discomfort and lack of January, it takes prioritizing, honest introspection, planning and consistent action during the year.