Is “Januworry” getting the better of you? Here are some useful tips to survive this year-long month.

1 – Create a budget 

If you typically overspend in the wrong areas, January is the perfect month to start being more organised with your money. Make a list of you monthly expenses and offset it against your income. Once you know exactly where you stand, you can make informed decisions as to what you can afford, and what expenses you must cap or cut out completely.

2 – Analyse your bills

Go through your bank statement and analyse your spending, understand where you are financially at this moment. Shop around to see if you can save money on everything from your cell phone provider to your car insurance. If you can get a better deal elsewhere, take it, providing you are not tied down by any specific contracts. And if you are, make a note of when they expire. When they do you can switch over to that better deal elsewhere.

3 – Reassess your borrowing 

An easy way to get out of immediate financial trouble is to borrow, but that comes at an interest rate. By borrowing you can end up in a worse financial state.

4 – Bargain hunt 

Look around for special deals on basic items, such as food, clothing, and back-to-school items. Save up points earned in store or on credit cards and use them to buy essentials when the January debt burden starts to bite.

5 – Stay indoors – socialise at home 

If you can have that get together at home instead of going out you can save money on the costs, especially if you all chip in for food and drink or work on a rotational basis.