Feeling the effects of post Christmas financial stress?
Jan 05, 2020
Christmas is one of the most exciting times of the year, with the festive and summer holiday season all rolled into one. Time spent with family, friends, gifts, travel and all that food, it’s hard to get back to the routine of normal life. And even then an even bigger shock hits us at the end of January and when we start to see those credit card bills roll on in. The realisation sets in, that we have probably spent more than we may have budgeted and those new year resolutions we just made …. how are we going to keep them?
Hindsight is a wonderful thing, we can’t dwell on the past. But we can make plans to improve ourselves and make better decisions moving forward otherwise we will end up in the same rut forever.
So, what’s our plan:
- Face your fears and let go of the guilt – Make a financial plan, so that you can lead a happy, healthy, wealthy life.
- Cashflow – Understand your cashflow. What income do you have coming in and what do you have going out? Know your numbers.
- Budget – Budgeting may seem like a dirty word to some, but until you know what your fixed and variable expenses are, you will never be able to save and work towards your goals.
- Goals – Set financial goals, just like life goals. Your finances need a purpose, they can be both long term and short term goals. It could be to reduce debt, save for a holiday, save for an investment. Whatever it is, it needs a name so that you are motivated to be working towards it.
- Banking structure – Set up a good banking structure so that you know what bucket of money is for what, and don’t dip into your savings bucket.
- Look for ways to make some extra cash – I’m sure you have lot’s of things stored away that you don’t use anymore that could be sold to make some extra cash!
- Avoid quick cash loans – When things look bad, we usually look for a quick win solution. But these are very nasty with high interest rates and hidden fees which can get us deeper into trouble in the coming months.
Just remember talking about money is not taboo – financial stress is real, taking small steps and changing your habits is a great way to start making a positive change in your life and financial future.
I hope these tips can help you as you continue into the New Year and the new decade! Let’s connect, don’t forget to follow me on Facebook and Instagram @fairienazeem or join our community of women @financiallysavvysociety, for the latest tips, tricks and life hacks.