Recovering Financially from Holidays
We all spend a little more than we should during the holidays. Maybe we went a little overboard, maybe we just wanted to provide our family with some extra happiness after a tough year. Whatever the reason, reality sets in right about now and suddenly the splurging has become financially stressful. DIY gifts would have been an excellent idea as we look at our credit card statements with wide eyes, but hindsight is always 20/20. Recovering financially from holidays is not always easy.
So the real question is… how do we go about recovering financially from holidays?
Hide your Credit Cards
Whether this means freezing them into a block of ice or handing them over to a trustworthy guard, it is a great first step to ensuring that your holiday debts don’t get any higher. Both methods prevent impulse buys because your credit cards are not readily available to you. Recovering financially from holidays can start once your credit cards are no longer in sight!
Budget, Budget, Budget!
Recovering financially from holidays can be tough. If you don’t already have a budget, make it your resolution to start one and stick to it. A budget will help track your money, see where you were previously getting a little frivolous and make sure you don’t overspend. We all know its hard to stick to a budget, but when you do you’ll feel less stressed and more accomplished.
Step Away from the Sales
January has a lot of post-holiday sales which can be tempting, but don’t do it! Recovering financially from holidays starts with avoiding another spending spree – stay focused on your budget and distinguish between needs and wants.
Activate the Cash Method
Physically having money in front of you is a proven way to spend less money. We get a little bit desensitized when we use our credit or debit cards, but seeing your money deplete when you make purchases is a serious reality check. When you run out of cash, then that’s it! No more spending! This is a good start in recovering financially from holidays.
Start Preparing for the Holidays
Avoid the recovering financially from holidays in January. No more procrastination! You can avoid falling into the same mess next year and you have 11 months to do it! Start a savings account for your holiday purchases – when you make your budget, squeeze in a small contribution to this account. The total will add up throughout the year and when the holidays roll around, it will be so much easier to not get sucked in to the holiday spending-hole!