How To Recover From Overspending

Hello Loves,

I know the holidays were approximately a month ago, but if you are like me one of your new year’s resolutions is to get rid of or minimize debt.  Some of which could have possibly been accumulated during this past holiday season. Here are some tips I have implemented lately for attacking my debt in general which may prove to be helpful to you as well:

Review bank statements

Dedicate 30 minutes to an hour to review what you spent.  Verify all of the purchases listed were indeed made by you. If something looks off, report it to your bank immediately.  While you are at it, review your credit card statements as well.  This is currently a part of my weekly routine.  Doing this helped me realize a few things about my spending habits and persuaded me to slow down on purchasing unnecessary items.

Create a plan

Write down what you owe and create a plan to attack it.  Determine what the minimum payment towards your credit cards are.  Also, put any extra money you stumble upon towards that debt.  Remember to stay focused on paying off those debts!  Imagine how freeing it will be to not have that debt monkey on your back.

Put your wallet on a diet

Bring your own lunch instead of eating out, bring your own latte instead of spending $5 at Starbucks.  Besides that café drink has more calories, GMOs, and sugar than anything you would make at home.  I recently invested in a milk frother which is perfect for my homemade tea lattes made with almond milk.  Doing this has saved me approximately $60 monthly.

Return unused items

How many times have you purchased something on impulse?  Well if I have not used an item before the return period is over, I return it and get a refund.  I am also teaching my self to sleep on purchases instead of making them right away.  If I am still thinking about the item within a day or so, I will make the purchase.

Sell unnecessary items

For items you can no longer return, sell them. Besides eBay there are so many phone apps available these days to sell items such as Letgo, Poshmark, and Offerup.  If that doesn’t work donate or gift the items to someone.  If it is of no use, trash it.

I hope you enjoyed this post.  Comment below if you have any tips for bouncing back from over spending during the holiday season or any tips for tackling debt.

Remember you only have one life so live it Be-U-tifully, by being you to the fullest.

Peace & Love,

Esther J

 

 

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