Adjusting finances after the holidays can be challenging, but with proper planning it is possible to recover. According to the experts at financial comparator HelpMyCash.com, "financial stress tends to increase in September due to excessive spending during the summer months."
For all this, it is advisable to take control of personal finances as soon as possible and prevent disorganization from persisting until the end of the year. But how to achieve it?
Before taking concrete measures to reorganize personal finances, it is important to analyze in detail the expenses incurred during the holidays.
HelpMyCash experts suggest carefully reviewing bank statements and credit card records. In this way, a clear image can be obtained not only of how much has been spent, but also of the categories in which the disbursements were concentrated during the summer period.
Creating a personal budget is essential. This document details both estimated income and expenses for a given period. For example, you can estimate a monthly expense of 50 euros for transportation or 600 euros for rent.
If debts have been acquired during the holidays, such as personal loans or credit card expenses, "it is convenient to include them in the budget to cut expenses and settle those debts as soon as possible," they say from HelpMyCash.
In relation to the previous point, experts advise first addressing debts with higher interest rates, such as mini-loans and credit cards.
In addition, they emphasize the importance of not failing to pay credit installments, since default could further aggravate your financial situation due to late payment commissions.
If it hasn't already been done, specialists also suggest creating an emergency savings fund. “The ideal is to have enough money to cover fixed expenses for three to six months. This will provide security in case of unforeseen events”, they point out from HelpMyCash.
A simple strategy to achieve this is to open virtual piggy banks in the bank account to set aside a fixed amount of money each month.
Reflecting on vacation spending and looking for ways to improve in the future is essential to maintaining financial balance throughout the year.
“We recommend opening a commission-free bank account that is specific to saving for the next vacation,” they say from HelpMyCash. Thus, you can enjoy the next vacation period without compromising subsequent financial stability.