Returning from vacation is sometimes marked by a bitter realization: we spent a lot more than expected. What to do then? Do not panic ! There are solutions to get your finances back in order.
On the same subject :
Assessment of the financial situation
It can be tempting to postpone the fateful moment when you check the status of your accounts until after the holidays. However, according to Bola Sokunbi, founder of the site Clever Girl Finance, “we must act quickly and head-on”. It is therefore essential to assess the extent of the damage to better remedy it.
How to get there ? Courtney Alev, consumer expert at Credit Karma, suggests carefully reviewing all your bank and credit card statements. Including cash expenses and those pending, such as a reimbursement to a loved one who may have advanced money during the stay. There are even tools and applications dedicated to budget management that can make this task easier.
A realistic repayment plan
After having quantified your excessive spending, the next step is to implement a reimbursement strategy adapted to your means. Bola Sokunbi recommends “setting financial goals, such as striving to save an amount equivalent to your excessive spending over the next few months.”
By making the saving process a game, you are often more motivated and achieve your goals more quickly. In such an approach, the support of loved ones or a community can be a valuable ally.
However, you must remain consistent. If the repayment plan seems too ambitious, it is best to readjust it. And if you have incurred debts during your stay, they must be repaid quickly, so as to avoid the accumulation of interest, as clarified by the expert in everyday consumer finance, Andrea Woroch.
Daily savings
According to Courtney Alev, “non-essential spending needs to be reduced.” This can involve simple decisions: limiting outings and cooking at home, organizing parties at home rather than outside, not making impulsive purchases and delaying spending.
Bola Sokunbi even suggests disconnecting your bank cards from online sales sites, in order to limit temptations. The savings may seem small, but they add up quickly and can offset much of the extra cost of a vacation.
Increase your income
According to Bola Sokunbi, another strategy can be to increase one’s income. This could involve a few extra hours of work, a one-off part-time job or selling unused items on online platforms.
Andrea Woroch adds that a temporary side hustle can also be a solution. “It can be taken up later if the need for additional money arises, for example to prepare for a future trip.”
Do your balances have nothing to envy of those in your bank account? Is the challenge of getting your financial house in order as stimulating as a game of table football in the middle of summer?
