Top Tips – Holiday Spending
Posted by Renata Costeski | 13 Jan
Top Tips on Recovering from Holiday Spending
If you’re generosity knew no bounds over the Christmas period, here are a few tips on how to help you recover and get you back on track financially:
Take control: the first thing you need to do to gain a measure of control over your finances is to create a budget. This is the first step in achieving your financial goals. Get an overview of your income and expenditure, and set small and realistic savings targets for yourself.
Withdraw your spending allowance: technology has made spending simple, so rid yourself of temptation and leave the plastic at home. Withdrawing your spending allowance at the start of your pay cycle will help you avoid excessive spending.
Avoid temptation: those big glamorous post-Christmas sales can be tempting but remember your financial goals for the New Year and avoid the temptation of the bargain hunt.
Want VS Need: one of the best strategies to avoiding unnecessary expenses is to ask yourself: “Is this something that I need or is this something that I want?” Get into the habit of asking yourself this question before you make a purchase, and if the answer falls into the latter category, consider whether you would rather satisfy your other financial goals instead.
Don’t shop hungry! Research has revealed that grocery shopping while feeling hungry can result in spending more on unnecessary junk food.
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