FINANCIAL WISDOM

12 WAYS TO AVOID BEING BROKE IN JANUARY 

BY PASTOR BISI ADEWALE.

To many people, January is always a long month. To them, days in January is 62 not 31, it is always the most difficult month of the year for many. This is because January involves financial difficulties which are not experienced in any other month of the year. 

Note that you need not suffer in January; you can live in surplus throughout the year, January inclusive. The truth is, you can live in January as in any other month; you can live without being broke, if you understand what it takes to "tie down" your money. I will show you some of them here:

1. Plan your life. What do you really want for yourself, what do you really want in the New Year? Plan now, much money without planning will make you spend endlessly and run into debt. Plan your life and live better. 

2. Have a budget. Know the income available, know what you want to buy, categorized them into NEED and WANT or LUXURY, SHOW-OFF, NECESSITY. Go for only necessity, save money you would have spent on luxury and show-off. 

3. Spend Less. By all means, spend lesser than you would have spent. 

4. No show-off. Are you buying that clothes to show your 'enemy' in the village that you have arrived? Are you buying that car, wristwatch, television, handset, etc just to show people the level of your wealth? Anything you buy just to impress or hurt others is not for you, it is a show-off. 

5. Pre-festival Purchases. Buy everything you need far away from festival from time. My wife used to buy our children "Christmas clothes" in September, rice, beans and other ingredients in October and November, gifts that we want to give out to our loved ones also in November. With this, we are able to avoid high prices of "rush-time" purchases. 

6. Buy Later. There are things you can decide to buy later, avoid buying things during "rush hours". 

7. Remember January. As you are writing that cheque, paying that bill, withdrawing from that ATM, always remember J-A-N-U-A-R-Y

8. No Unnecessary Traveling. Must you travel at Christmas period? Why not before that period or after? You know transportation is always costly during the festival and will always involve unnecessary spending. 

9. Plan for school fees. Plan for the payment of children's school fees, some wise parent pay before the end of December as soon as they collect their December salary. With this, they won't spend the money during Christmas. 

10. Use bank. Don't bring all your money home, keep it in the bank. Avoid the temptation of withdrawing everything; it is like spending your blood if you do. 

11. Control ATM. Who is in charge? You or your ATM? Some people enjoy the card and love the machine; I can't remember using my ATM Card this year, I don't allow it to control me; no, I am in charge; it is just a card. Base your spending on your pocket, don't rely on ATM, if you can't control it, give it to a trusted friend or mentor during this period. 

12. By all means, spend below your means. Never spend above your means, not even within your means. Spend below your means. Yes, spend lesser than you can afford, that is wisdom, that is the foundation of surplus and mother of wealth. Be wise!I wish you happy New Year in advance and Prosperous 2014