If you are also feeling post-festive blues, then you are not the only one. While most of us are on the same page, some have additional financial blues too in the festive aftermath. The festive blues will go away soon with New Year’s celebration, but you might take a little more time if you also have financial blues. So, what are these financial blues? So, it is not an actual term; we just coined it to make it easier for you to explain the extensive expenditure you did during the festive season. No, we are not saying that shopping during festivities is wrong. All we are saying is that making informed buying decisions can help you stay financially healthy.
So, what if your financial goals took a backseat during the festive season? You can always start where you left off! A minor setback should not be the reason to lose sight of your financial goals. Now the question is, where do you start? It would be best if you start by giving yourself a financial health check-up. Take some time out and answer the following questions-
- How much money did you have before the festive shopping?
- How much you had budgeted to spend, and how much did you spend?
- Did you overspend?
- Did you overutilize your credit card or take some part of your emergency fund?
If you have overspent, overutilized your credit card, or used your emergency fund, then you need to analyze your finances. After exploring, you can work out a strategy to help you rebuild your finances.
Here is how you can balance out the overspending in festive aftermath-
Realization is the key to understanding and coming to terms with a financial loss. So, the first thing is to write everything you purchased, analyze and figure out where you spent the most. Then, if you have gone overboard this year and made some unnecessary purchases, you will be able to find out in minutes what you should not do in the future. The purpose of this exercise is to help you realize that sometimes we unconsciously make unnecessary purchases that ruin your budget.
Now that you know what went wrong, the next step is to strategize. While strategizing, keep your goals in mind, be concise and clear about what you want to achieve, and make realistic goals. Unrealistic financial goals can lead to losing motivation to achieve your goals. Building a strategy to manage your future expenses can also help you achieve your goals.
3. Cut unnecessary expenses, if necessary
Till now, you must have understood that going overboard during the festive season has put your financial goals in the back seat. But it is okay. We all have our ups and downs. Now, you should focus on balancing the average monthly expenditure. A budget can help you figure out how much you can cut back and how soon you can balance everything.
4. Start a festive savings fund for future
Once you have figured out the Whats and Hows of the festive aftermath, you can move on to actual planning. It might not be possible to predict the future, but you can learn to manage things better with prior planning. Festive expenses are something most of us are aware of, so you can start a Festive fund rather than waiting till the next festive season. Keep some money aside every month to avoid future overspending. It would help you save money and lighten the financial burden you might incur in the future.
In conclusion, festive aftermath can be tricky, especially with overspending. Your target should be to manage your finances better in the future. So, instead of panicking at the last moment, you should try to get ready for essential financial expenses. You cannot stop emergencies, but you can better plan and manage your finances to avoid chaos at the end moment.
Are you feeling overwhelmed due to your debt?
We are here to help you! If you are struggling to pay off your debts and are behind on your payments, we can help you resolve your debts and plan your future financial goals. To know more, call us at 0124-6663666 or visit our website www.freed.care.