During the first month of the year, the majority must tighten their belts. Follow these tips to stabilize your finances and start the year off right.

Ideally, your economy would not collapse the budget with the year-end holidays and avoid making unnecessary purchases. But if you did, now you have to be more careful with the expenses for the remainder of the year; especially deal with your debts and prevent them from becoming irreparable “headache”.

Therefore, we recommend you start by making a list of all debts that must be paid during 2016 and divide your salary or your earnings considering each of them. Thus, you come out faster and not spread throughout the year. If you look very overwhelmed and do not manage to cover all your debts, go to your bank and see the possibility of extending the term of some of your payments for a few months. So you will not be so tight. Also, try this month to postpone any purchase that is not necessary or “urgent”, until you have paid most of them, otherwise you’ll never end up paying. In addition, here are some tips to overcome the slope of January, both in your home and in your business. Take note:

In your home

– Reduce the costs that are not vital, such as some subscriptions to cable or perhaps a gym or sports club. Make an analysis of those that really want and worthwhile; those who do not, get rid of them. It is the best way to cut costs during the year.

– Limit the use of services such as gas, electricity, telephone, etc. in order to reduce the bills. Talk with your family about the importance of saving, turn off the light and turn off the water when not in use.

– Although the biggest shopping season is over, in most of the shops it is a time of rebates and discounts. Do not be tempted by these promotions that although sound very convenient, will you follow your debt and payments are even higher.

– Spend only what you need as food, health, and all the basics; seeks to get rid of those quirks that affect your economy. A good way is to avoid the “ant expenses”. To identify them, making any expenses, such as a coffee brand or a pack of cigarettes, and multiply by the number of times you use every month. In the end, you will realize the great expense that it is.

– Make a monthly list of all your expenses and budget it for them. This way you will not acquire new debt and will fix you with what you have. At first, it will cost a bit, but then you get used, and it is best to decrease your debt. It is also important that every expense you make notes in a notebook to keep track.

– Family support is essential in these cases as if all household members contribute money; it is much easier to get out of debt.

In your business

– Search all alternatives to reduce energy consumption within your company. Use energy saving light bulbs and intelligent lighting, controls the use of air conditioning and motivates your staff to turn off their computers and lights when they are not in use.

– Plan a good policy document printing. Although it is best to scan your processes and avoid the most use of paper, set the number of prints per employee and encourages the use of recycled paper. These costs are becoming increasingly significant for business, so it is necessary to dampen consumption and use.

– Surely, many of your customers will not pay or not settled its debt with you last year. Therefore, you should spend time this season to collect all delinquent accounts and harder.

– Keep a check on the use of travel and unrelated to the daily operation of your business, such as restaurant meals or unnecessary transport costs.