Christmas season is over. This means no more making a list, checking it twice, and sending balikbayan boxes back home. This also means you need to get back to taking control of your finances and saving for the rainy days.
Admit it. It’s hard to get back to saving especially after the holidays. Apparently, the reality is there are mouths to feed and you need to be prepared for what could possibly happen.
To help you back on track, we made a list of tips on how to help you get back to savings again.
Tip No. 1: Evaluate your expenses.
Before you get into saving, you need to see where your hard-earned money went.
Make a list of every expense you had over the holidays – gifts, food, activities you did with the family, and every eat-outs in restaurants. If you can include the cost for each expense, then much better. Make sure you include whether you used cash or credit card when you made a purchase.
You need to not just see but also understand where your money went as well as your spending habits for the past two months.
Be truthful on this. Acknowledge that you may have spent more than your budget. The important thing is you are willing to make it right the following year.
Tip No. 2: Know how much you owe and how much is left.
The next thing you need to look into is your current financial status, also known as your reality check.
Did you borrow money from someone? Did you use credit card in purchasing those items for Christmas? How much money did you withdraw? What fund did you use to finance those purchases?
You need to see how much money you have left. At the same time, you need to check how much money you owe, whether to a friend or the credit card company. This will keep you grounded and make it easier for you to make adjustments as you get back to spending. Plus, you will have an idea on how much you need to replenish given the expenses over the holidays.
Tip No. 3: Stick to needs – for now.
There is no more reason to splurge – for now. Take that time as an opportunity to get back to saving. You can do this by making sure that you stick to the basics and avoiding things you don’t really need. This way, you can give your wallet and bank account a time to breathe.
Make sure you relay the message to your family back home. After all, they won’t be needing new clothes anytime soon, right?
Tip No. 4: Get back to your budget.
Remember how much we emphasize on budgeting? If you already have one, then make sure you get back to that so you could set aside money for your savings.
If you don’t have one, then now is the perfect time to do it. You can check out this post to guide you through the ins and outs of budgeting.
Tip No. 5: Find ways to boost your savings.
If time and health permits, then you might want to consider getting a side job for additional savings. It doesn’t have to be grand, as long as it pays well – in the meantime.
Having a side job or a business is a good way to increase your income. In return, the money you earned may be deposited to your savings account. Who knows, this account could pave way for bigger things such financing your own business.
Tip No. 6: Encourage your family to save, too.
The obligation of saving is not just your responsibility. In fact, it is the whole family’s. Your commitment to saving should transcend to your family and make this effort together. When you do so, you will be able to reach your goals because everyone is helping.
Are you ready to get back to saving?