After the holidays, many of us feel stressed. We start to realize we have overspent and feel flustered once our bills start to roll in. We shouldn’t feel stressed out or hopeless! Here are some guidelines to help you recover from those expenses.
First, you need to face the reality of your holiday spending habits. Calculate how much you overspent. If possible, look over your receipts and calculate the total amount you have spent during the holidays. Compare this to your previous average monthly expenses. Afterwards, calculate the difference from your average amount, then deduct that difference from your next month’s expenses. If you have overspent a large amount, don’t worry about balancing out your budget within the next month. Instead, limit your spend for the next couple of months. The key here is not to feel like you aren’t not able to spend, but that you can accommodate what was spent and repair your bank account, little by little.
Afterwards, look over the items you spent too much money on. Re-evaluate whether you actually need the items you bought. If not, see if there is something you could return and buy later in the year. Gather your items together and arrange them accordingly to the same store. Plan your returning trips so you can save time and gas.
When it comes to the actual process of recovering from your expenses, you may need to accommodate your lifestyle by making small changes. You may need to eat out less and start making more meals at home when it comes to social activities. You don’t necessarily need to stop eating out, but you could instead consider free activities such as going to the park.
In the end, don’t feel like just because you overspent on your holiday budget, you are restricted in your finances. It’s all about adjusting to what you need and don’t need. You can recover from your holiday splurges!