There is no denying that Christmas is a fantastic time of year. You get to spend time with those who are important to you and you get to give them a few treats too. The only trouble with Christmas is that it is all too easy to overspend, which means that as soon as January comes around you are going to be feeling grey and miserable. As well as a little poor too.
The good news is, no matter how much you overspent at Christmas, there is a way to bounce back and recover your finances. In fact, to help you, we have put together some of the best ways that you can try to recover from the festive period, getting your finances back on track and helping you to get in a positive financial position in a matter of a few months.
Have a month of bare minimum spending
It might not sound like a lot of fun, but one of the best ways to try and get your finances balanced is to cut back on your spending. Think about the bare minimum that you can spend out in a month, such as food and bill and stick to it. It might not be the most fun month ever, but what it will do is give you the chance to recover and try and get your finances back to where they need to be.
Try out some old-fashioned spending
Whilst cards are a great invention and have made our lives all the easier, making it easier to spend means that we are finding ourselves in financial difficulty much easier. Cash may be an old-fashioned approach to take to spending, but if you are trying to stick to a budget and limit your spending, then perhaps it is a good idea to withdraw and spend cash, rather than be tempted to make a payment on a card.
Take a look at your finances to get them back on track
If you are looking to improve your financial situation, then a good way to get to grips with things is to actually sit down and take a look through everything. Review your spending, review what you pay out for on a monthly basis. You may be surprised by just where your money is going each and every month.
By taking a look at your finances, you can also figure out whether or not there are many ways that you can save yourself some money. You may find that your interest rates on credit cards are high, which will mean that you pay out more, or may find that you have a monthly expense that actually doesn’t need to be paid out. By identifying these areas, you can then cut back and in no time at all your bank balance should be looking a whole lot healthier.
Try not to beat yourself up
Whilst you may be disappointed with yourself for overspending at Christmas, you need to remember that you are not alone. The average family with children will spend at least £1,000 on Christmas alone and some may also spend as much as £2,700. Considering this is only one week of the month, this is a huge amount for you to be spending, along with other bills that happen during December.
Remind yourself that you are not alone, remind yourself that other people out there are also in the same situation as you. Whilst this won’t make things different and won’t help you to get your finances back on track, what it will do is help you to not beat yourself up that it is has happened.
Depending on just how crazy you went over Christmas, you might want to think about consolidating some of the spendings that you have placed on a high-interest credit card’s. One way that you can do this is with a loan. I know it can be hard to secure a loan, however, things have been made much easier by being able to find a bad credit secured loan with Evolution Money, or a similar company. They will work with you even if your credit history has been a bit patchy, to say the least.
As you can see, there are ways that you can make sure that you get your spending back on track. Think about which approach is going to be right for you, and that you can stick to. Before long, we can be sure that your finances will be looking much healthier, ready for you to then think about how you can curb your spending for the next festive season.