Recovering from Christmas spending

It’s normal to indulge during the silly season. In fact, it can feel almost impossible not to! With gift giving, parties, extravagant feasts and travelling, it’s no wonder we can start to feel the pinch of all the expenses Christmas brings.

If you’ve been a little more generous than you intended to, or have treated yourself like there was no tomorrow, there are some simple ways to try and get back on track with your spending.

Be kind to yourself – keeping track of expenses is difficult and we’re all guilty of overindulging from time to time. Try not to beat yourself up and start looking into how you can minimise overspending in the future.

Return or sell unwanted gifts – not a fan of that glassware you received or have doubled up on some items? Try and return them or sell them online. You can use the money to go towards important bills or, if you know of someone who may like what you’ve been gifted, why not store it away to give to them on an upcoming birthday or next Christmas? Tip: be sure to note who gifted you the item so you don’t accidentally regift it to the same person!

Draft up a budget – consider drafting up a detailed budget so you can fully understand where your money is going each month. It may help you identify areas you can be saving more or expenses that are no longer needed e.g., streaming services or monthly subscriptions.

Minimise spending – it’s easier said than done to just “stop spending money”, but you could try and challenge yourself to minimise non-essential purchases such as eating out, clothing, video games and beauty products until you feel you’re back on track.

Set some goals – setting some realistic goals to work towards is a fantastic motivator and can keep you on track for what you want to achieve. You may want to start a Christmas fund to prepare yourself for the next holiday season or set a savings goal to reach within a certain timeframe.

Side hustle – if you’re eager to earn some extra cash, why not look into a side hustle that you could incorporate into your schedule? You might have a knack for blog writing, online tutoring or photography - there’s plenty of options out there.

Be strategic – when Christmas time rolls around again, it helps to be strategic with your planning so that everyone involved can save on their spending. Why not suggest Secret Santa for your crew so that you’re only buying for one person as opposed to all? Or ask family and friends to bring a plate of food to contribute to your feast. After all, sharing is caring.