Run The Money
Follow Run The Money

How To Financially Recover From The Holidays

  • December 24, 2021

If you're reading this, I'm earning money in some way. I was compensated with money and/or product. Thanks for helping to feed my family. I also may have a financial interest in companies named. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not an accountant, lawyer, doctor, fitness expert, or nutrition specialist. So, talk to a professional before acting on anything you read, watch, or listen to below. Get your own advice and do your own research. Email me at [email protected] with questions.

How To Financially Recover From The Holidays

Thanksgiving, Christmas, New Years celebrations, and any event relevant to your particular culture or religion are wonderful to experience at the end of the year. It’s not hard to see why - time to take a breather, to connect with those who really matter to us, and to give ourselves a break from productivity is not only nice, it’s crucial to living well and restoring ourselves for a new year.

Introduction

That said, we certainly tend to pay for the privilege. These events can become quite expensive when you add up all the food you may eat, the presents you give and receive, and perhaps the family you host. That’s not to say we’re ungrateful of course, anything but, yet it’s worth considering the financial planning of it all to grant us continued peace of mind.

Recuperating some of the financial squeeze from the festive season, then, can help you pay off those financed gifts, return your credit card balance to a healthy level, and build your savings back up again. This takes a little planning, but just like drinking vitamin water, exercising, and getting great sleep after a night on the town, a recuperative effort can have worthwhile effects.

With that in mind, let’s consider how to move forward.

Related: Helpful Tips for Setting up a Gift Budget

Incremental Savings

Incremental savings can help you recuperate the cost of the festive season over time, and perhaps even slowly over the course of a year. For instance, it might be that using the best savings app can help you track your savings more appropriately and make them an integral part of your schedule, rather than solely trying to get savings on the big purchases every time you make them.

Selling Old Possessions

New gifts and new indulgences that come along during the festive season can make some of your old goods irrelevant, and selling them could be key. For instance, receiving a new mobile phone for Christmas gives you the chance to trade in your old one with its manufacturer, giving you the chance to put money in your pocket and preventing you from hoarding your old items. The same goes for selling older kitchen appliances via online marketplaces, or even selling older clothes on apps like Depop.

Keeping It Simple

Keeping your savings simple can be a good way to keep them well-tracked and reasonable to keep up with. Now that the new year is coming up, for instance, paying for a year’s subscription of services you love can help you save a month free or more by the end of the year, pre-emptively saving cash. Applying for a club reward scheme for the supermarket you use could grab you enough points to apply to the end-of-year Christmas spend, potentially getting most of your festive meal for free. Little addons and efforts like this, simply applied, can often have the most effective result.

Conclusion

With this advice, we hope you can continue to recuperate some of the financial squeeze of the festive season. Most of all, we hope you have a wonderful festive season to start with.

>