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Having a financially stressful January? Here’s what you can do to get through it

by | Jan 9, 2023 | Personal Finance

The new year brings a lot of exciting and renewed hope for the many people, however January may also be a financially stressful time for some people. One reason is that many people overspend during the holiday season, which can leave them with high credit card balances and increased financial obligations in the new year. Additionally, January is often a time when people receive bills for holiday purchases, property taxes, and other expenses that can add to their financial burden. Finally, some people may feel financially stressed in January because they set financial goals for the new year and feel pressure to stick to a budget or pay off debts. Here are a few tips for managing financial stress:

 

Make a budget

Knowing how much money you have coming in and going out can help you make more informed decisions about your finances. Start by listing all of your income and expenses. This will help you see where your money is going and identify areas where you can cut back.

 

Cut costs

Look for ways to reduce your expenses, such as by cancelling subscriptions or negotiating lower rates with your bills. Consider your purchases carefully and look for ways to save money, such as by shopping around for the best prices or negotiating for discounts.

 

Seek support

Talk to a financial advisor or a debt counsellor if you need help managing your money. You can also reach out to friends and family for support. Remember you are not alone, and thousands of other people are going through the same thing. So, don’t be afraid to reach out to trained professionals who can help you effectively deal with your problem.

 

Practice self-care

This next point is closely linked to the previous one, as personal finances are closely linked to mental and even physical health. This is why it is important to ensure you take care of yourself by getting enough sleep, exercising, and finding healthy ways to cope with stress.

 

Stay positive

Finally, I know it is hard to see the possibility of a better future right now, but if you wisely navigate this period, financial freedom may be closer than you think. Try to stay positive and remember that financial stress is temporary. Look for the silver lining and find ways to move forward.

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