How To Cope With Financial Stress After A Season Of Spending
Q: Dear Ruchi, every year when January hits, I find myself swamped with credit card bills and the repercussions of my holiday shopping and end-of-year expenses from December. I know spending more during the holidays is normal, but I need to create a balance so I don’t feel like this next year. It never fails to stress me out. What should I do to help cope with this stress and also plan better for next year? Help!
A: We've all encountered those moments of unplanned splurging that can leave us feeling financially frazzled. One moment you look up and wonder how you even overspent in the first place. I hear you! But guess what? It's okay. There is no judgment here. What's important now is recognizing that post-spending stress, giving yourself a warm pat on the back for recognizing it, and then gearing up to make a game plan for your prosperous future that lies ahead.
Let’s talk about some next steps…
First things first, let go of judgment.
Remember, you're not alone in this journey; guide yourself back to your goals with compassion. What's done is done, and dwelling on the past won't alter it – let's focus on learning from it instead. Bouncing back from these feelings and worries is entirely possible, but shaping your mindset helps to pave the way. Try countering negative thoughts with messages of abundance and gratitude; for instance, express gratitude for the lessons learned. Now that you are armed with the tools to recognize patterns, you can try new approaches or seek guidance from the Watch Her Prosper team.
Set empowered intentions.
Holiday seasons, in particular, often tempt us to overspend as we aim to shower our loved ones with everything they want and deserve. But, have you ever considered looking at it from a different angle? Rather than focusing on material gifts, think about creating lasting memories or engaging in a fun, low-budget gift exchange. It's about the experience rather than the price tag. In my family, we cherish playing games during the holidays, and it holds more sentimental value than any material gift ever could. As the next holiday season approaches, consider proposing this idea to your family and friends for a more meaningful and budget-friendly celebration, set with empowered intentions.
Make a tangible plan.
Now, let's talk logistics. If you find yourself in debt or if you had to dip into your savings or emergency fund to cover expenses, it's time to strategize and develop a plan for replenishing those funds. What changes can you make in the next few months to ensure a different outcome and work toward new financial goals? Make a list and start to create a focused checklist for yourself to abide by for the next few months —identify areas where you can cut back, prioritize what to pay down first, and outline concrete steps to set yourself on a more secure financial path and saving towards the future planned spending.
Here’s to your prosperity!
-Ruchi