January can be a tough month. Many of us were paid early in December in time for Christmas, so it can feel like a long stretch until the next pay day. Indulgence over Christmas and New Year probably means we weren’t spending too wisely, either. So if you need extra money this month, read on for a few ideas: |
Cut back – OK, this is the simplest one, but simply cutting back on trips out, takeaways or cinema tickets can help you get by for the last couple of weeks in January. You might feel a little hard done by, but in reality, this is one of the easiest ways to spread your money.
Borrow money from friends and family– Perhaps friends or family members can help you out. If they do, make sure you have a clear written agreement. It doesn’t need to be anything fancy, just a simple ‘I loaned you this amount (X) and you will repay me (X) by (X)’ Read some more tips on borrowing money from friends here.
Borrow money from the bank – perhaps you could extend your overdraft so you can access some cash more quickly to tide you over. Other people might consider a personal loan, which is fine so long as 1) you really do need it, 2) it is going towards something worthwhile and 3) you can actually afford it and are committed to the repayments. Wonga South Africa calls this ‘good lending’ based on a financially literate person who knows their stuff and won’t get into difficulty paying back the loan. Think about what you need the loan for and consider whether that reason is worth it. E.g. educational fees might be an investment in your future, so it might be wise to get a loan. A new car might help you get to work, but a holiday might be unnecessary expenditure.
Ask the boss – Perhaps you have an approachable boss – maybe you don’t. Either way, asking for an advance on your wages might be possible. If they say no, you haven’t lost anything but it can always be worth asking!
Sell unwanted items – A great way of making some quick cash is by selling off unwanted items on auction sites. You can sell old CDs, DVDs, phones, tablets and so on for fair prices online. If you don’t use it anymore and it’s only cluttering up the place, this could really be worthwhile considering. Why not have a clear out and see what you can spare? Listing fees on auction sites are very minimal and if you start with a low minimum bid it can attract a lot of interest.
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