‘Dry January’ Isn’t Just for Booze—Save Big With These Expert Money Tips
Whether you’re trying to get your budget back on track after the holidays or simply want to save money, experimenting with a financially dry January might be a good place to start. While many people choose to partake in dry January—a month where you abstain from drinking any beer, wine or spirits—a dry financial January encourages you to cut back on unnecessary spending. To help you get started, we turned to the experts. Keep reading to learn more about a financially dry January and how you can benefit.
What is a financially dry January?
Setting up January to be a dry financial is like giving your wallet a reset. “You commit to only buying things you need rather than allowing yourself to buy things that you want,” says Trae Bodge, smart shopping expert at TrueTrae.com. “It can help to make you aware of spending habits that aren’t serving you, plus it can help you save money.”
Jack Prenter, CEO and personal finance expert at Dollarwise adds that it’s a great way to understand your money and your budget. While it’s only a month, it sets you up for smarter, more sustainable habits for the rest of the year.
Who can benefit from a financially dry January?
Anyone looking to save a little money should try Financial Dry January— which can be especially helpful to those living paycheck to paycheck. Chris Markowski, financial expert and founder of Markowski Investments, says living paycheck-to-paycheck is similar to treading water. If you want to stop feeling like you’re drowning, Markowski suggests tackling the problem head-on. ”Something like Dry January is going to lead to a positive change for your whole life because you’re not getting yourself continually in the hole.”