Post Holidays How to Put Your Financial Plan Back on Track

Are you one of those who splurged during the holidays? Has the merry mood, added considerably on your credit card statement? Well, most of us are experiencing the same thing, and now figuring out ways to gather our finances and be back on track. I am making some changes – to keep my spending in check, tuning my over-spending and setting a right tone for this new year. You can do all or few of the following to be on top of your finances this new year. I call it ‘Post Holiday Financial Detox Routine.’

Make a payment plan to pay debt

Start with doing the damage control. In case you have loaded your credit cards with overspending, now is the perfect time to sit and work out a payment plan. Devise a system and set automatic payments, so your liabilities are taken care of first. Spread it over a short time, say three months. Get over with it in the first quarter and be free of your debt.

Keep your credit cards at home

This may sound an over-the-top measure, but it keeps overspending at bay. When we carry credit cards, we don’t shy away from cashing in deals available in the market. Put a stop to your impulsive shopping and keep your credit cards at a safe place for a couple of months. In addition to that, put your Membership and Rewards Cards at home too. I do that. If you don’t have them in your wallet, you will think twice before buying – keeping your finances under control.

Unsubscribe from offer mails and say no to ‘sale’

As we all shop online these days, unsubscribing from emails from your favorite brands would help to trim your spendings. These mails have tempting offers and lure customers with extended sale. Unsubscribe them for a few months. Once you put your finances in order, you can always subscribe back. Do the same with print ads. Make a mental note of staying away from ‘Sale’ sign – in print or in a mall.

Be creative, stay indoors and save money while having fun

It’s winter and what would be better than cooking a meal and inviting friends over. It would save money while unburdening from the stress of being on a budget. If you love entertainment, rent a DVD, instead of buying overpriced multiplex tickets. Love to party on weekends, organise a potluck. Don’t cut out on the fun, just experiment with ways to save money while at it.

New year, new beginning – start  it with an investment plan

In your list of new year resolutions, add a financial goal. Give it a concrete shape by starting an investment plan. It will have three fold positive effect. One – you will have less money to spend as you have a financial commitment. Two – it will add to your financial stability. And three – you will be a step closer to fulfilling one of your dreams. This would be your perfect ‘Post Holidays Financial Detox,’ adding to your financial health.

Try these and if you have something to add to the list, do share with us.

A Company Secretary by profession, Saru found her true calling in writing. She blogs at sarusinghal.com which she religiously updates every Monday for the last four years.