Have you ever felt like January stretches on forever, laden with financial challenges and pressures? Some claim it has 90 days, others say 111, and some even argue for an exasperating 300 days! What say you?   The holiday season often brings with it the aftermath of spending – bills, bills, bills! Money becomes a focal point, and expenses, coupled with pressure, can cast a shadow over the New Year. After the extravagance of December, it’s crucial to reflect on key strategies for a financially sound new year: budgeting and planning.   Acknowledging that 2023 was a tough year for many, with financial struggles arising from both external factors and mismanagement, it’s time to chart a better course for the year ahead. In a recent episode of “Sharing Life Issues,” we delved into practical ways to navigate these financial waters.   Money mismanagement frequently stems from a lack of financial literacy. Therefore, the first step is to cultivate discipline in spending and enhance money awareness. Importantly, this knowledge should be imparted to children, preparing them for financial responsibilities not often covered in traditional education. Our guests on the show, Mr. Nkanta and Mr. Lekan Ayinde, both seasoned accountants, emphasize finding the right balance in managing finances, expenses, and pressure.   Mr. Lekan advises starting with an honest assessment of what you have and what your income is. Many times, people forget what they already own and want to spend without considering their income. It’s crucial to begin by looking at what you have before spending. Mr. Nkanta suggests another way to handle expenses is by thinking about how to generate income for the things you need, exploring additional income streams to supplement your resources. While managing your limited resources for spending, also consider ways to earn money for the items you intend to buy.   We also need to decide to reduce certain expenses and explore cost-effective alternatives. In the current circumstances, there is no justification for pretending to have financial resources for the sake of status or keeping up with others when, in reality, you don’t. It’s crucial to engage in open money conversations with our family members. Share your financial reality with those who matter—your spouse, kids, parents, and dependents. While you don’t have to disclose every detail, paint a picture of your financial situation to avoid overwhelming pressure.  Remember, you owe no explanations to others outside your close circle. If you want to succeed financially now and in the future, you  have to let go of maintaining a particular status to conform to the society.   Think ahead, think of rainy days, and create an emergency fund that helps you when the need arises, whether for a life-changing business opportunity or unexpected expenses. Mr. Lekan stresses the importance of setting aside excess money and investing wisely for the future, emphasizing that money is limited, and without proper planning, it can easily run out.   In a nutshell, cultivating basic money habits like saving, budgeting, planning, and financial discipline is essential for a prosperous year. “Cut your cloth according to your material” should be your guiding principle in 2024 and beyond. Here’s to a fantabulous, successful and fulfilling year ahead!     Written by Maris “Damaris” Iloka www.twitter.com/siramsparkle