Oh dear, Did you go a bit overboard on the Black Friday Sales and now you have a financial hangover?
No, the solution is not to reach for a glass of wine and drown your sorrows, you don’t need one of those sorts of hangovers as well!
Here are 5 tips to help you get over your financial hangover.
- Total up the damage. Yes, you need to get out the calculator out. Find out not only how much you spent, but also how you paid for it. Was it on credit card or was it from your savings account? Right now, it’s very tempting to also add up how much you saved by buying everything on sale. But, Justification mode isn’t going to help you pay it off!!
- Now you have all this new stuff, can you sell some of your old stuff to pay for it? Maybe it is time to do a bit of de-cluttering and sell things online, or have a good old fashioned garage sale.
If this isn’t an option, what else can you do to get some additional cash in to pay for all your new goodies?
Take a few extra shifts at work? Start a lawn mowing round, or house cleaning, perhaps start a dog walking service, or whatever you can to get some extra cash.
Ohhh, I can see you screwing your face at the thought of doing some extra work and the, “I don’t have time” excuse is also rearing it’s head.
Well…get over yourself. You got yourself into this, so get off your butt and get yourself out of it as well.
Here are some more options,
- Say bye-bye to the little luxuries (you probably call them necessities) in life until you have paid off the extra you spent. Get organised, make your lunch rather than buy it everyday. Heaven forbid, the coffee consumption may have to drop as well! You may also have to say “No” to a few activities with friends. But hey, you will be home more often to admire the new TV, on your new sofa and don’t forget those cushions that you bought on special.
- Realise that the more you spend on ‘stuff’ the longer it is going to take to pay off your mortgage, or get your retirement fund in place. We don’t expect you to sit on beer crates (can you even get those anymore??), or eat off paper plates. We all like to have nice things, but be aware that the choice you make now does have a long term impact on where you will be in the future.
- Learn from your mistakes. Understand your weaknesses. Is there a pattern of you overspending whenever there is a sale on? Do you feel pressured by friends who are spenders? What emotional state triggers you to spend? Once you understand your triggers, you are in a much better position to put some boundaries in place to help you in the future.
If you really love the thrill of the sales and know they come up the same time each year, like Black Friday or Boxing Day, then why not prepare for them. Set aside some money each week in your Spending Spree fund so that when the sales do come round, you are ready for them! You have the cash to splash and you can do it without ending up with a financial hangover.
If you want to know more about your Money Personality and what triggers you to go on a spending spree, download our FREE Money Mind Starter Kit here.