Overindulgent spending over the festive period is the cause for financial babelas. I do not begrudge anyone the joys of festive, but overextending your purse has consequences. Like when you’ve had one too many and suffer from a hangover the next morning, so too does the reckless spender.
What helps hangover anxiety?
Face the fact that you went a little overboard with your spending. The next thing would be to take stock of your financial situation. You need to be aware of the resources you have at your disposal and what liabilities you face.
When you know how much money you owe and how much will be coming in at month-end, you have a realistic starting point.
Formulate a plan to get your affairs in order
When you are realistic about what you want to achieve, it is more attainable. It is therefore important to formulate a plan that will navigate your financial recovery. Take clear steps to correct and adjust the mistaken spending during the season.
Creating a discretionary budget for entertainment similar to your monthly budget is key, Very often these expenses are not taken into account, yet they add up very fast.
Avoid Credit Repair Agencies
The last thing you want to do is taking on credit review programs and the like. These agencies are doing what you could be doing yourself.
Take responsibility for your own financial blunders by negotiating payment terms with your creditors. You will be amazed at the service you get by just asking for it.
*These are the opinions of the writer and do not necessarily reflect the views of Vannie Kaap News.