Last Updated on October 28, 2023
The new year often ushers in new aspirations and resolutions. However, it can also bring financial stress due to December’s expenses. A well-thought-out savings plan is essential to ensure a worry-free January and a solid start to 2024. This article will share five expert tips to help you prepare for a smooth and financially secure January.
1. Set Clear Savings Goals Before January 1st
To ensure you have enough savings to weather January’s financial challenges, it’s essential to set clear savings goals well in advance. Determine how much you want to save and over what period. Will you save daily, weekly, or monthly, and what will be the target amount for each interval? Having a concrete plan in place is the first step to financial stability.
2. Identify Your January Financial Priorities
Understanding what you’re saving for in January is essential. Whether paying rent, stocking up on groceries, covering school fees, settling bills, or even paying off debts, defining your financial priorities will help you calculate how much you need to save.
3. Create and Stick to a Budget
Once you’ve established your savings goals and financial priorities, it’s time to create a budget. Start months before January to track your spending habits and identify areas where you can cut expenses. A disciplined allocation will help you save more effectively and ensure you stay on track to meet your financial goals.
4. Participate in the i-invest #DecemberVsJanuary Savings Challenge
If you’re looking for an extra boost to your savings, consider joining the i-invest #DecemberVsJanuary Savings Challenge. This initiative is designed to help individuals survive financially in January. By participating, you save money and can win a free N150,000 investment voucher when you reach the top of the leaderboard by the end of December.
Additionally, from October to December, you can win movie tickets, shopping vouchers, and brunch dates for two as one of the top two monthly savers. At the end of the challenge, you’ll receive an 11% annual interest on your total savings. Download the i-invest app and click the #DecemberVsJanuary pop-up banner to start. Learn more about the challenge here.
5. Begin Paying Down Debts
Another vital strategy to prepare for a stress-free January is paying your debts in advance. Reducing your financial obligations now will make it easier to manage your expenses come January. Remember that this will require reducing your spending in the months leading up to the new year.
By following these expert tips, you can ensure your January is worry-free and financially secure. If you found these tips helpful, share them with your network to help others prepare for a smooth start to the new year. Click the share icon below to spread the word.