How to ease Januworry

FINANCIAL STRESS: AVOID EMOTIONAL SPENDING DISGUISED AS PROGRESS

- Hein Kaiser

If January was a hangover, it could spell a three month babalaas after festive season financial excesses. It's the trap everyone stumbles into, year after year.

That's probably why Januworry has been dubbed same. It's that stack of bills that's nauseating, and back to school is the equivalent of the Texas Chainsaw Massacre to your wallet.

But is it the time of the year, or the way that we navigate it? Financial planner Jacques Momberg from Momberg Consulting said the problem is not January. It is how households cross the threshold into the New Year.

"The biggest January mistake South Africans make is chasing a fresh start with old habits.

"Emotional spending disguised as progress such as a new car, new credit or a new lifestyle without a plan. By March, the stress is baked in," he said.

Financial education platforms and planners all say that Januworry is usually driven by the same few habits repeated every year.

So how exactly do we change out habits?

Money with purpose

RossCoet Financial Services wrote in a blog that one of the biggest drivers of financial stress is vague planning.

Clear, measurable goals give direction to spending and saving and make progress visible.