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Avoid a Financial Hangover this Festive Season

Do you get to January with no money left in the bank? Plan for your cash to last.

Paul Leonard




The festive season isn’t called the silly season without reason. Many of us lose our sense of control over many things including our wallets and end up with a financial hangover in January.

Many people receive their December cheque half way through the month and will have spent it all before Christmas day. This means that they have nothing to carry them through until the end of January.

Some people wonder when their employers are going to pay that cheque into their account hoping it will be on, say, the 18th or 19th of December already. Does this imply that their November money is already finished?

If they use up their December money before Christmas what are they going to do until the end of January? Probably use their overdraft or credit card and spend the next 11 months paying that off just in time to repeat this exercise next December.

This scenario plays itself out year after year. So here are a few thoughts that may help you avoid the January hangover and still enjoy the festive season.

Making your cash last

Start by creating a simple festive season budget. This doesn’t have to be a complicated thing, a simple list on a sheet of paper, in a note book or the back of your diary will do.

Your December income probably has to last until the end of January so make a list of all of the things that you need to pay for between now and then. This could include:

  • Your normal monthly expenses for December and January
  • Extra new-year expenses such as new school uniforms, sports equipment, stationery, deposits for school/university fees.

Once you have set this money aside you can now allocate money towards gifts and holiday.


Firstly determine the amount that you plan to spend on gifts.

Next identify the people you need to buy gifts for. List all of the people such as mom, dad, children, grandparents, brothers and sisters. Don’t forget other relatives and then work associates and colleagues, staff members and bosses. You may even want to include the hairdresser, teacher, the garbage collectors, gardener, maid, car guard and so on.

Next to each name write how much you would like to spend on each person.

Then think about what each person might like to receive as a gift. If you know them well enough you might ask them for a gift idea or wish list. As you buy the gifts, cross them off of the list and reduce the balance that you still have available for gifts.

You might want to buy gifts for the higher priority people in your life first (like your spouse) just in case you come across something that costs more than you originally budgeted for which means that someone else (like the garbage collector) might get bumped off of the list.


Figure out how much you want to spend on the festive season and then divide that amount by the number of days you are going to spend on holiday. That is the amount that you can spend each day.

You could keep a note book/pad in which you jot down your expenses each day deducting them from your total available cash. Another alternative is to use the simple envelope system where you draw your holiday budget out of your bank as cash and then divide that cash amongst an envelope (or plastic bank packet) for each day.

One benefit of this system is that it is really simple to keep track of your spending, another is that it helps you prevent overspending because you actually part with hard cash and you never spend more than you have – once the envelope is empty it is empty.

Each day you simply put that day’s bank packet into your pocket or purse and you can spend without guilt.  If you have ‘cheap’ day you can save that money for a more expensive day later on (or vice versa).

These are just a couple of suggested ways to control your cash this festive season. Find one that works for you so that you can have fun this festive season without guilt or a financial hangover.

Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands



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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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Personal Finance

If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30

Five common mistakes entrepreneurs make when starting a business and how to correct them.



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Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.

So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.

From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.

Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.

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Personal Finance

5 Habits That Lead To Millionaire Business Success

You need the right habits if you’re going to succeed.

Timothy Sykes




What do all millionaire businesspeople have in common? Well, a lot of things.

I found from a recent study that 80 percent of all millionaires still go to work every single day. They’re working people just like me. But, they have to keep themselves in work or it all grinds to a halt. So what are the habits you need to make your business a success?

1. Patience

Nothing is ever going to come easy. You can look at the likes of Steve Jobs and Bill Gates, as well as the other usual suspects, to realize that success didn’t come with their first venture. Many of them failed time and time again. It took patience for them to become successful.

I read an article recently about 36-year-old teacher Andrew Hallam who became a self-made millionaire on a teaching salary. But, in his spare time he invested smart and lived frugally.

It proves you don’t have to inherit lots of money or become an instant success to make a millionaire business.

Related: 4 Ways To Become A Millionaire Even When You Start With Little

2. Dedication

You have to be dedicated to your craft if you’re going to become successful. Going back to Bill Gates again, he started his business in the back of his garage. Now that’s dedication.

It’s what I tell all my students. If they’re not dedicated to this, then they should leave. You need to be able to push through the barren periods if you’re going to reach the oasis of success.

3. Ambition and big dreams

Have you ever heard the quote, “Shoot for the moon. Even if you miss you’ll land among the stars”?

I take that to heart because even if you aim to become a billionaire and miss you still might be a millionaire many times over. Take the Wright Brothers as an example. Not content with creating a successful glider in 1902 they went on to create the world’s first airplane in 1903, making four brief flights in Kitty Hawk. It demonstrates the importance of dreaming big because you never know what you might achieve.

Related: 12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry

4. Learn from mistakes

Every good businessperson will mess something up. It’s inevitable. What’s important is how you learn from your mistakes over time. Do you adapt after making your mistakes?

Millionaire businesspeople always set some time aside to reflect. Then they create a plan of action for ensuring that it doesn’t happen again. Most failed businesspeople put it down to “bad luck.”

5. Focus on niches

This important! Try to take over a whole industry at once and you’ll inevitably get swallowed up by the competition. Start small and control your own niche before moving into another niche. When you master your small area, you can push on and expand.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

You’ll be amazed at how much easier it is to expand after you master your own niche/audience first.

Do you have what it takes? That’s the question I always ask novice businesspeople. You need a plan and you need the right habits if you’re going to succeed.

This article was originally posted here on

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