How To Get Your Finances Back on Track After a Summer of Spending
After a summer of fun, restrictions being lifted and keeping your eyes off your bank account, your finances might have taken a little bit of a hit. It’s a known fact that summer can be an expensive time of year and by the time September comes around, we’re hit with the harsh reality of how much we’ve actually spent. In this article, we’re going to tell you how to get your finances back on track after a summer of spending.
Be grateful for your summer
It’s easy to start getting annoyed at past you. Why did I do that? What a waste of money! The important thing to remember is that you had a good time and what’s done is done, accept it. Be grateful for the times you had and what your money allows you to do because after all, you work hard for your money, you’re allowed to have fun! Think back on your summer and the times you enjoyed and stop beating yourself up. But it’s now time to get those finances back on track!
Check your numbers as soon as possible
It’s so easy to avoid looking at your bank account after an expensive couple of months, but it simply must be done. Whilst the thought of it is daunting, once you’ve faced the numbers and accepted your situation, you can then begin to lay out a plan for the rest of the year. The longer you leave checking your card statements, the more daunting the task seems, this will only lead to more stress down the line. Do your future self a favour and check those bank accounts!
Rework your budget to get your finances back on track
Now that you know your financial situation, it’s time to rework that budget so you are prepared for the months ahead. See what you have left in your bank account and try and squeeze your budget; see what you can go without (can you go a couple of months without getting your nails done?). Make sure you make the necessary changes in order to feel back on track and show your bank account that TLC it deserves. Budgeting is like giving your future self a big financial hug.
Prepare your Christmas sinking fund
Now it’s September, we don’t want to panic you but…Christmas is only four paydays away. If you haven’t already, start putting money away for Christmas presents so you aren’t faced with a hefty bill come your November paycheck. Write a list of who you need to buy for and how much you’d like to spend on each person, you can then see how much you need to put into your Christmas sinking fund each payday. As always, fail to prepare, prepare to fail.
Earn some extra cash
If you’re still not happy with your financial situation and feel like you’re still strapped for cash, there are so many ways you can earn a little bit extra. You could think about selling some clothes and used fashion sites like Depop or Vinted, there’s no better time to have a wardrobe clear out than a season change. If you have a talent that you could utilise, you could set up a freelance side hustle or maybe get a part-time job. These are great ways to bring in some extra cash, but they do require some time and effort, make sure you don’t set yourself up for burnout. Whilst September is a great month for a fresh start and a boost in motivation, it’s important to remember to keep some time to yourself and practice self-care!
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