Hooray! Chelsea’s back for 2018, and I’m so happy to welcome her sunny sensibility to the blog once more.
As you may remember from last year, Chelsea began to contribute her tomes of wisdom regularly to the blog. And I’m so glad she did!
Although Chelsea is based in sunny California, so many of the challenges and wins we go through are similar: as millennial women we face parallel career/life/living woes, and I am always glad to get her take on things.
For Chelsea’s first post of 2018, we’re opening up the topic of spending hangovers. Having just moved house, I feel like I’ve been on one HUGE spending bender, and so this post could not have come at a better time for me.
I’m soaking in ALL of Chelsea’s shrewdness in a bid to help Oli and I to find an even keel once more with our bank balances.
January and February tend to be tricky financial months for everyone, so I hope that Chelsea’s advice can lend an uplifting hand to you too!
Here’s to a more sober spending season!
Over to Chelsea . . .
Hello! I am so happy to be back again with you for 2018!
A spending hangover . . . buyer’s remorse . . . overspending . . . whatever you want to call it – we’ve all been there.
“I spent too much!” “Do I really need this?” “Do I even like this?” “How will I pay rent?”
No matter how the money was spent, be it shopping, a big splurge or eating out, having a financial hangover is never a great feeling.
Although we’re now in February, I’m still settling down after the holiday season – a time when it feels like money is flying out the windows.
Getting financially back on track is forefront of my mind, and I have a feeling it might be for you too?
Well friend, we’ve got this! Here are 6 ways to get back to responsible spending and saving, and to gain a little peace of mind after the fact . . .
6 Ways To Recover From A Spending Hangover
& Tips For Getting Back On Track
1 – Assess the damage
I’ve definitely been guilty of going shopping, and never looking into the exchange policy. Or worse – ripping the tags off of something before I’ve even tried it on!
Before giving up hope on being able to return something, assess the situation.
Always ask about store policies, keep your receipts, and when you get home – think long and hard about whether you really need to keep XYZ.
For the remorseful buys, make a plan of when and where you’ll return everything, put it in your calendar, make sure you have all of the corresponding bank cards, and set your returns by your front door.
By scheduling your returns, and having everything ready to go, you are way more likely to actually follow through.
And once you do return things, it’s a huge weight off of your shoulders and money bank into your account!
2 – Consider Re-gifting
There’s nothing worse than knowing you’re financially stretched, only to realise your best friend’s/niece’s/insert-your-giftee’s special occasion is coming up. And you can’t afford a gift.
In this instance, consider re-gifting.
Is there something you’ve recently bought, which you could give to someone else? Or an unopened present you received, which could be better suited to one of your giftees?
No one has to know, and it will save you more outgoings when you can’t afford them.
As I shared in this post previously, I like to shop all year round for people – especially when I see great gifts on discount. This helps to manage your finances when it comes to gifting. You’ll always have a present for your loved ones, so no last-minute purchases, and you can spread the cost.
3 – Eat in
It’s so easy to spend money on food and drink! Impulse coffees, lunch out or dinner with friends can quickly add up.
Especially if you splurged on dinner out or food for a big party, make it a simple rule for yourself for one week: eat every meal in, including lunches at work and coffee!
Hop on Pinterest and find affordable, simple meals, then head to the grocery store.
Try to make the meals something you love so that the week isn’t completely miserable, and make big batches so leftovers are easy to grab.
You’ll be amazed at how much you can save by eating and drinking from the comfort of your own kitchen.
Skirt: Zara (Old) | Gilet: Next
Boots: Next | Blouse: Zara (Old)
4 – Make yourself a budget
I didn’t have a budget until I turned 30, and before that, I spent whatever I wanted. Unsurprisingly – this led to many spending hangovers.
If you take one tip away from this post, from this point forward, aim to use a service like Mint.com and/or create your own budget.
Once you get over the hard part of plugging in numbers, services like Mint do a lot of the remaining work for you. Alternatively once you’ve developed your own budget, you’ll have a much clearer financial path month in month out.
You want to give yourself clarity on exactly how much you do/can spend in each area of your life.
That way, if you have some money left over one month you can treat yourself without the guilt!
5 – Up Your Savings By 5%
My Dad is one of the most financially savvy people I know, and he’s always tried to instill the value of emergency funds and savings in me and my brother.
I didn’t love it as a child, but now I’m beyond grateful.
Whenever I’d get in trouble when I was younger, he’d make me increase my savings by 5% that week. That meant I owed him 5% more of my paycheck (for him to add to my savings) or he took 5% of my allowance away and put it straight into my account. It was his way of setting me up for a secure savings account before college.
Now, whenever I spend too much, I do my best to up my savings percent for the following month by 5%. This way, my savings account increases, and I feel less bad about a spending hangover since I know I’m safer in the long term.
It’s a little trick that’s really helped me to feel financially confident.
6 – Focus On The Future
We all make mistakes, and we can learn from them!
Instead of beating yourself up for months over a particularly financially stretched period, accept that you overspent and put a plan in place to not do this again.
Especially now you know a few handy tricks for doing so 😉!
What’s Your Take?
These 6 steps have seen me through some of my worst spending hangovers, and I hope they do the same for you – especially in the beginning quarter of the year.
Do you have any general savings or budgeting tips? And how do you recover from buyer’s remorse?
Love, Chelsea x
Photography by Frances McMahon