5 Tips to avoid breaking the bank further



1. Don't use credit to soothe your January blues. The last thing you want to do is to get into more debt for a therapeutic shopping spree or to remedy the debt you got into last year. The month is almost over, so try your best to get by with the little that you have.

2. Talk to the people you owe. A lot of stores and banks are willing to rework your payment plan but in order for them to do so, you need to let them know you are struggling to meet your commitments. Skipping debit orders and avoiding calls is not a solution.

3. Avoid buying items on account. Store cards are credit too. Try to use cash and avoid using your store card, even if there is a big sale. If you really like something but don't have the cash for it, laybye it instead.

4. Avoid another JanuWorry next year. Once your financial life returns to normal, start planning ahead for the festive season so you don't end up in the same situation again this time next year.

5. Check your bank statement. Not checking your bank statement regularly could be costing you thousands. Your bank statement could also be useful as a budgeting tool - have a look at your monthly spending and determine which activities or items you can cut down on.

Tags: saving

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