Savings 108: Your January 2019 wealth tips

The 100 days in a month January

I humbly welcome everyone from the long holidays which started from the 24^th night of December to mid night of 1^st January, 2019. I want to use this opportunity to officially wish all the followers of Ghana Business Talks a Prosperous New Year.

We hope and trust God for a very enterprising 2019. We know your aspirations will not be cut short.

This month of January as it has always been is a very challenging month for most salaried workers for the obvious reasons.

Firstly, most companies pay their workers very early in the month of December so that they would have access to cash during the holidays.

Most salaried workers also make more purchases and incur higher expenses during the Christmas season. These expenses go into home maintenance, buying of gifts and contributions towards end of year family gatherings.

These are all important exercising of our hard earned money. The net effect is little funds to survive on in the month of January. I have personally witnessed friends and family members running after each other for stipends in January over the years.

An experience that wouldn’t change this year!!

How are we supposed to survive through the challenging times in January?

The following key pointers will serve as a good deal of breath this month.

1. No personal loans this month: Be sure of surviving on your after December debris before your think of helping a friend or a family member calling. This would help protect your personal respect.
2. Deflect all purchases to February: Apart from consumables which are needed for survival at home, defer all other purchases to February to free yourself of some unwanted expenses.
3. Fees settlement: Those of us with kids should approach the school in making half payments if possible. Do not rush into paying all the fees this month when you are not sure of your survival. It is better to pay half now and add the rest in the ensuing months if possible than pushing all your funds into nonrefundable ventures. Apply same principle to every fee or bill that you ought to settle this month.
4. Start drawing up a full month personal income and expenses for yourself or family. Paste it at visible areas of the house for easy reminders.

These pointers are not exhaustive but will help you. The month just started and as such, we need to remind ourselves constantly of how long it is. Luckily, for us, January 7 is another public holiday. Do not go out and spend again!

You have already relaxed and enjoyed from December 24 through to January 1. Rest at home that day so you do not spend on Fuel and the Pizzas.

No money is small. Respect money and money will also respect you. Do not be a “January beggar”. Keep your respect intact.

I wish everyone a wonderful and memorable month!!

Gratias!!!

Patrick is a chartered banker and has been a qualified member of the Chartered Institute of Bankers, Ghana with a good membership standing since the year 2013. Patrick is a chartered banker and has been a qualified member of the Chartered Institute of Bankers, Ghana with a good membership standing since the year 2013.