Salary hacks that help you stretch your money through to January

Many South Africans will receive their salaries earlier in December, but how do you make it last through to January? 

There are many ways to ensure that your salary stretches well into January, but not everyone can stick to a budget. In fact, more often than not, we see an overflow of people sharing their "Januworry" struggles early on in the new year. 

There are some hacks that many financial experts have shared and practice in their personal lives. We wanted to share these hacks with you so that you can avoid a dry January. 

Read more: Proposed salary changes for South African labour market

How do I stretch my salary through to January?

Family responsibilities:

• Take advantage of festive discounts on school supplies like stationery and uniforms. 
• If you can, set aside 40% of your salary for January commitments as a survival fund.  
• Buy food in bulk during the festive season, which helps reduce your January food bill. 
• Freeze leftovers from December for January, this is an excellent way of saving costs and avoiding waste. Plus, it relieves the stress of the first two weeks of January. 

Debit orders and expenses

• Prioritise your debit orders first - set aside money for your rent, electricity and water, transport, medical aid, insurance, any policies, and school fees.  
• Look at your gifting from a budgeting perspective if you have not been planning throughout the year. So, look at festive discounts, shop online, and take advantage of Black November specials. 
• Buy from smaller shops or factory stores that are sometimes cheaper, and look at implementing Secret Santa with the family so that there's a cap on the amount you spend on gifting. 
• Avoid accruing new debt during the festive season. 

Read more: Petrol attendant leaves Mzansi inspired after sharing his salary

Savings

• Don't touch your long-term savings during the festive season. 
• Look at your holiday savings and budget accordingly - it helps to plan what you want to do during the holidays, so you know how to split your money accordingly. 
• If you get a 13th cheque, an end-of-year bonus or cash for your leave, split it (70% toward January and February expenses, 20% toward reducing your debt, and 10% can go toward something you enjoy). 

Declutter and sell

• Use the holidays to declutter all the things you have been hoarding or no longer need or use. 
• You can choose to sell or donate items that are still in good condition. This helps you earn some extra cash and gain some space as you move into the New Year. 

Fun and Fomo

• Plan your festive season calendar. Choose which events are a must; you don't have to go to everything. Allocate spending at each event and stick to it. 
• Enjoy your festive season, treat yourself, but don't act hastily and have regrets come January. 
• Don't be the hero - if you are going out in a group, don't be the only one who takes out their wallet, split it evenly. Moochers are real; don't fall into their trap this festive season. 

Here are some festive salary hacks from ECR listeners: 

• "Buy groceries in bulk from take n pay unit 3, Non-perishable items, rice, oil, eggs, washing stuff, detergents and don't overcook during the holidays, try not to eat out too much, use meat products wisely...Party and have fun, but remember to save for a rainy day."

• "Already started on the school stuff, stationery, uniforms, so come Jan, that is one stress gone."

• "It's more like a whole year hack to make sure you can December without Januworry. Checkers/Shoprite has the book where u can fill these stamps. If u fill 2 books by putting away money from January to November, your December will be sorted maybe even part of January."

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