How to stretch your money in January

DURBAN - During the festive season many people spend their salary on buying gifts and goodies for what seems like an endless amount of people.

When January rolls around people are struggling to pay for their bills or school fees for their children because it has all been spent.

Here are some tips on how to stretch your budget in January:

Plan ahead

Budget ahead of time if you know that money will be tight in January. Take care of the minimum payments like the telephone bill or on any debt before the money gets tight.

Avoid debt

Paying using cash or debit cards will give the consumers more spending power for money. If you don't have to pay monthly installments then you will have more money then you can save more money.

Spend your bonus wisely

People who get bonuses should not use it to pay for daily expenses. When preparing your budget don't include your bonus in the budget. The bonus money

should be considered as additional money which can be used towards a goal that you want to achieve.

Renting out your space

If you any extra space like and outbuilding or a granny flat, you should rent out the space. This will give you an additional income.

Sell your items online

Selling some of your goods online are an easy way to make money. Make use of sites Gumtree and eBay to advertise your goods and look for potential buyers. By selling your unwanted goods you can get rid of the extra clutter in the house.