Christmas and New Year’s Eve are two of the most-awaited days of the year, especially for us Filipinos who love to spend quality time with our families. It is that time of the year when we get together, have fun, enjoy Noche Buena and Media Noche dishes and just embrace every minute we have with our loved ones. However, it is also the time of the year when we are most motivated to earn more, so we can spend more, to be able to give the most to our friends and relatives. Yes, it is difficult not to go beyond your budget during this season. So, if you think that you would be having a hard time recovering from your holiday expenses, I have four tips just for you.
List down how much you’ve lost during the holiday season.
List down all the expenses you have had during the holiday season. This is the first step that you can take towards an organized management of your expenses. If you know about everything that you have spent, it wouldn’t be difficult for you to track down every good and services that you paid for. You wouldn’t be wondering where your money went.
Be aware of all your debts.
How many times have you used your credit card when you were on a Christmas shopping-spree? Did you ever borrow money from anyone before you went shopping, just so you can purchase all the gifts that you had on your list? When trying to recover from your holiday expenses, it is also important that you are aware of your debts. This way, you will be able to allot money that you can use to pay all your debts and make this your priority during the months to come, instead of accumulating higher amounts of debt, without even being able to pay the initial debts that you have accumulated during the holiday season.
Improve your source of income.
If you’re an employee, work overtime if it is allowed at your workplace. If you’re an entrepreneur, have a post-holiday promo to increase sales. But if you think that your holiday expenses went way beyond your usual budget during the holidays, it would be better to look for alternative sources of income. Other than being an employee in any company, organization or institution, you can come up with smart business ideas that require low investments but high returns. You can sell some of your personal belongings that you are no longer using, but are still working well. You can also engage in online businesses and other part-time jobs.
The best and the most practical tip that you can probably get to be able to recover from your holiday expenses is to save-up. Know what your priorities are and stick to these. Remind yourself of your goals, especially the ones that you have set aside and sacrificed during the holiday season to make way for your holiday expenses. Exercise delayed gratification. By this time, you’ve already had enough.
It can only be challenging to revive the financial condition that you have had from the holidays if, and only if, you did your spending without prior planning. With personal finance management, such as the tips mentioned above, it should have given you a clue that it’s always best to plan before the attack. Now you know what to do before the next holidays. Share this with your friends!
- Technical Analysis: Buy Converge (CNVRG) Below 26 or Above 28? - August 12, 2021
- Technical Analysis: Buy Metrobank (MBT) Now or Wait for a Breakout Above 46.55? - August 4, 2021
- Premiere Horizon Alliance Corp (PHA): Buy Now or Wait Near P0.84? - August 3, 2021