How do I recover financially after the holidays? : Good planning and a couple of tricks can help you ensure that the rest period does not become a headache when it comes to paying the bills.
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Returning from vacation is usually a painful process. On the one hand, we have to say goodbye to freedom of movement to immerse ourselves in daily routines again. Back to work, back to the children’s school, moderation in diet, the gym and all those commitments that usually fill the agendas. On the other hand, especially in the case of the less farsighted, the time has come to face the consequences of the financial excesses carried out during the days off.
Recovering from all this collateral damage at once can be traumatic. The return to routine is inevitable, but economic difficulties can be overcome. You simply have to make a specific budget for the holidays , which considers issues such as how much money we have and how much we want to spend, which reconciles income, savings and expenses to avoid unpleasant surprises. And sticking to it, of course, is the most complicated part.
How do I recover financially after the holidays?
However, one of the most delicious parts of the vacation consists, precisely, in that unpredictable point that always accompanies any new adventure. That’s why sometimes, even though we have tried to be proactive and keep the budget in check before even packing our suitcase, when we return we are forced to settle accounts that don’t add up . Just when it’s too late to say no to that tempting paella at the beach bar and order a modest sandwich instead.
Overcoming a precarious economic situation when we are not exactly in the best mood is a nuisance, yes, but it is a task that must be faced. If it is also done following certain guidelines, the results will come sooner and the process will be less painful. Information is power, which is why it is as necessary to know exactly what situation we are in as it is to draw up a plan to control it.
Damage balance
When returning from vacation and unpacking, the first thing to do is examine the state of our finances.
In this sense, a very healthy practice is to review payments made by card and control their expiration. In this way, the charges can be assigned to the corresponding month and the funds that we will need to be accounted for to avoid possible overdrafts can be foreseen.
If possible, it is advisable to also control payments made in cash, through the purchase receipts that we have previously saved. In addition to allowing us to check whether or not we have met the budget and take appropriate measures, it will help us analyze our expenses and draw lessons when budgeting for the next vacation . Perhaps we have spent more than expected on some items such as travel or leisure, but less on others such as food or accommodation. Writing down these types of conclusions will be very useful for planning trips in the future.
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Plan payments
Once the expenses have been analyzed, it is advisable to control the payments that remain pending, schedule them and allocate funds to comply with them.
In this case, it is very useful to plan the use of different payment methods so that they do not penalize the rest of the months . It is of little use to compensate for vacation excesses with excessive use of the credit card to cover current expenses. It is better to use it rationally and only when it is essential.
Nor should we forget the expenses associated with deferring payments, such as interest, which will also have to be faced.
Let’s quickly get back on track with our budget
The most forward-thinking have an annual budget to keep the family finances in check. Coming back from vacation is an excellent time to get back to it. Prolonging excesses can be tempting, but it is best to avoid it and return to the rhythm set by that guide that we should never lose. Increasing debt at an economically delicate time is never the best option.
Once the effects that the vacation excesses may have caused have been controlled, it is time to review the annual budget and correct it if necessary. Perhaps it is a good idea to review those mandatory, necessary, variable and dispensable expenses that we will have previously established to adjust them. In this way, resources can be obtained with which to face pending payments or, simply, distribute the shock wave of the vacations between successive months to meet the objectives set with the least possible stress.
The key in this case is timing: if the effort necessary to recover is spread out in advance over several deadlines and a final date is established, tightening your belt will be easier.
If we don’t have an annual budget to guide us, returning to reality after the holidays is an excellent time to do it . It is very simple and can also become a crucial factor when it comes to controlling family finances.
Leverage assets
For those who have a second residence for their holidays and are not going to use it, there is a real possibility of obtaining extra income to alleviate the excesses of the holidays. Renting the beach house temporarily to extract a return can be a good idea to recover your financial situation.
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This extra income will help you meet pending payments and avoid stress. No matter what, it’s always wiser to prevent problems before they occur. Keeping a cool head as much as possible during the holidays and having a budget in advance will make the subsequent landing in the routine less painful.