However, if you’ve ever had an alcohol related hangover, you know it is anything but sweet. You wake up the next day, with a headache, perhaps feeling slightly nauseous and a bit parched and groggy. For those of you who don’t consumer alcohol, you may be surprised to learn that one doesn’t have to be a heavy drinker to experience a hangover.
Alcohol related hangovers are much like financial hangovers – by the time you realize you have one, it is long after there’s anything you can do to prevent it.
Similarly, by the time you read this post, there’s a strong chance you’ve exceeded your holiday spending budget and/or racked up more credit card debt than you planned. Therefore, it’s probably too late to share last minute tips and techniques that will be useful for managing your holiday budget. So instead, I’ll share five (5) choices you can make after the fact --- choices that will help you recover from a hangover you do want to get over!
1. Move from guilt to action
It’s easy to get mired in what you “shoulda, woulda, coulda” done differently but it is much more productive to acknowledge you exceeded your financial limits and commit to getting back on track immediately in the New Year. This is not the time to ‘close your eyes’ by not opening your banking and credit card statements.
2. Go on a spending fast
Hopefully, the holidays brought you all you needed and desired. Because depending upon the degree of your financial hangover, you may need to forego new, non-essential purchases for one to three months. And this applies whether you are using cash, debit or credit!!
3. Increase your credit card payment – even if just $5 or $10
It may not seem like a lot but even just paying an extra $5 or $10 dollars above your minimum payment can help your effort to reduce your credit card debt. On this front, however, be realistic about how quickly you’ll be able to pay off your credit card in full.
4. Shift your focus
When (notice I didn’t say “if”) doing steps 1-3 above become challenging, shift your focus to your goals for 2012. Redirecting your attention to what you really want will help you endure the temporary discomfort the above steps are likely to bring forth.
5. Prepare for next year…now
Much like making sure to eat a hearty meal, drinking plenty of water or increasing the span of time between drinks can lessen the probability of a hangover, being better financially prepared can help you avoid a financial hangover at the end of next year’s holiday season. Therefore, review your statements to count the cost of this year’s holiday and related (travel, hosting) expenses; see by how much you went over budget; use this information as a benchmark for creating your 2012 holiday budget today!
Two aspirins and a little extra sleep won’t help you too much with a financial hangover. But the five recommended choices above are an excellent antidote!
Happy Love Hangover…Happy Holidays!
N.B. If you want help creating a fresh (financial) start to 2012, check this out!
4 comments:
It takes a lot of self-control not to indulge in alcoholic drinks. While it may be hard for some, it has been doable for others. You just have to be strong and steer clear of the temptation of drinking.
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