Every time a year ends, we hear more and more often about something called “January slope”a season that comes after the heavy expenses that were made during the december festivities such as buying gifts, ingredients and preparing Christmas and New Year’s dinner or paying for a good vacation.
What is the January slope?
In Mexico, the January slope is an analogy that we use to refer to the economic difficulties that occur at the beginning of the year, due to several factors such as excessive expenses during the December holidays and price increase in different areas due to the iinflation.
This economic phenomenon that is repeated annually generates stress in Mexican families since the combination of debts acquired in December and the increase in prices means that the payment of fixed expenses such as services, education and transportation, among others, becomes difficult.
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How to avoid being affected by the January slope?
The main secret is in a good management of personal finances throughout the year, but mainly during the last month, so as not to fall into the excess regarding purchases to celebrate Christmas and New Year.
According to some financial entitiesthese are some savings tips and financial organization that you can follow so that the slope doesn’t keep you awake during January.
Focus on paying off the highest priority debts
Allocate your budget to cover those that have the higher interest or those that can grow more easily.
Consider first cover the most necessary expenses for everyday life and leave aside those that you can avoid or postpone to save some money at the beginning of the year. Take a record and make a budget.
Avoid accumulating more debt:
If during the Christmas holidays you used your credit cards or loans, avoid accumulating more debts of this type in the first months of the year and focus your efforts on paying the ones you already acquired.
If the debts exceed your payment capacity, there are several measures you can take: generate a extra income that helps you cover fixed monthly payments such as property, utilities, school tuition, etc. In the case of cards, you can search for some agreement with your bank to make fixed payments that fit your budget.
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These tips can help you cope better with the January slope and can also be useful to maintain good finances throughout the year that allow you to go through these dates with peace of mind.
If this year you already have the January slope on you, don’t worryit’s time to cut expenses and implement a good organization and planning plan to get out of the rut; However, remember to keep your finances healthy throughout the year and reinforce your discipline, especially in the last months of the year.
