Top tips to overcome a festive financial hangover
Unlike one too many snowballs, a financial hangover can’t be cured by a duvet-day or Netflix binge. The effects of overspending take longer to overcome and hiding away from the world is definitely not the answer.
Here at MoneyPlus, we’ve already seen the cost of living crisis pushing people into unmanageable debt, and with the energy price cap set to be removed in April, now is the time to take action, before it becomes a problem.
Here are our top 3 steps for overcoming the festive financial hangover.
1. Acceptance – First thing first, you need to accept the fact that you’ve overdone it. Only then can you start to combat it. Also, give any feelings of shame the heave-ho, and cut yourself some slack. We receive little to no education on managing our finances so if you’re reading this, maybe it’s your sign to start educating yourself, and make the changes that count.
2. Take a breath – Impulse buys are commonplace in the lead up to Christmas, and that can be a tough habit to break. Try leaving items in your online basket for a week before buying – do you still need it a week later? Make a pact to research cheaper options or voucher codes before handing over your money. Slowing down for just a second can help you see the needs through the wants.
3. Call it back – If you’ve spent too much and are struggling to see the end of the month, clear out your cupboards and stick what you no longer use online to reverse that cashflow. Vinted advocate and HR Assistant here at MoneyPlus, Oliva Williams, says ‘I made over £100 in a week!’ She says the hardest bit is organising and taking pictures, but it’s 100% worth it.’
If you’re worried that the festive financial hangover is actually more serious than that, don’t waste any time, and seek debt advice from a regulated debt advice company.