Financial Prudence Tips for the Beginning of the Year

By Coach Princess

Introduction

The beginning of the year usually comes with financial challenges. Some of the challenges are self-inflicted, while others are circumstantial. self-inflicted due to careless spending over the holiday season. circumstantial due to factors usually beyond one’s control, for example, school fees, taking care of ill relatives, and correcting failed projects. Whatever the case may be, we ought to raise our heads high and do the best that we can to get back on our financial feet. In this article, we consider some ways to keep ourselves financially sane at the beginning of the year.

need to re-arrange the payments, get more income, or borrow. Furthermore, it is advisable that you make a budget for the rest of the months so that you can clearly see how the whole year will look financially.

Re-arrange payments means making more money by plaiting hair or designing logos. Preferably, it is important for you to earn money using ways that are familiar to you. In January, you cannot afford to do any guesswork lest you mess up the whole year. feedback, contact Coach Princess by email: coachprincess5@ gmail.com

Planning

The starting point for every journey is planning. Similarly, when it comes to finances, it is essential to create an annual budget. Write down how much money you have now and how much you expect to have in January. For example, if you have P1500 in your hand and your salary is P15, 000, add the two. That is a total of P16,500. Then, write down how much money is required to cover each payment, such as rent or mortgage (P6,500), groceries (P2,500), utilities (P600), school fees (P2000), a haircut (P600), transportation (P1,000), and creditor payments (P5,500).

Total payments: P18,700.

That means the cash inflow of P16500 is less than the spending of P18,700 by P2,200. You will

You may have to reconsider which payments to make first so that you do not remain in trouble. You could negotiate with the school so that you pay half the school fees at the end of January and the remainder in February. You could also negotiate with the creditors so that you delay paying them until a later date. Never run away from creditors, but rather negotiate with them. Furthermore, if possible, you can postpone the hairdo and plait a simple hairstyle for now.

Find ways to earn extra income. Alternatively, you can find ways to earn extra income. It depends on what you can do. For some, it could mean doing piece jobs or selling designs or earning some online money; for others, it

Reduce costs

Another way to ensure your financial situation does not get out of hand is to cut unnecessary spending. For example, avoid unnecessary journeys that waste fuel, agree to share a car with workmates where possible to reduce transport costs, carry homecooked food rather than buying food at work, and let your children carry food to school rather than buying food and drinks at school.

Conclusion

I hope that this article has encouraged you to handle your finances better. I hope the article makes a difference in your life. We'll see you in the next article. Stay strong and safe.