In the spirit of giving, sometimes we give more than we have.
We can’t turn back time. Now we can only mitigate damage control.
Bad spending habits can add up, if you’re in denial about it, then it won’t matter how much more income you’re bringing in.
The holiday hangover is over. It’s time to take steps to recovery.
Let’s pretend that you aren’t a black belt accountant from Victorville, what do you do?
You overspent, admit it. Either you overspent, or you are living outside of your budget.
Good news! Since we are identifying this habit, we can change it.
I want you to remember that feeling. The feeling you had of panic, maybe even worry. That feeling is what will help you make changes. You want to make the changes because even though they’re uncomfortable, it’s better than feeling like that.
If holiday spending was what sent us into this financial crisis, we want to prepare for the next year as much as possible. Start your shopping earlier instead of your wallet getting hit at once with a Holiday list. You are chipping away at it through the year.
What did your budget look like last year?
Wait, you didn’t do one? Well, let’s start. You can check out our article on how to build a budget.
This year is all about proactivity.
The 7 Habits of Highly Effective People, this is the first Habit. It’s no wonder this is the first habit. I keep this as one of the pillars of who I am. Being proactive isn’t worrying about the future, it’s building yourself today. Instead of life happening to you, you start happening to life.
Increase Your Income
It’s a no brainer that increasing your income will reduce financial stress. Again, if the habits aren’t their then increasing your income will do nothing. Let’s make this year different. Start looking for alternative ways to improve your income.
The holiday’s just ended, for me, it means cleaning out the garage for any old gifts that piled up from the previous years. Not only will the cleaning help with some of the holiday stress. You’ll clear up some space and make a few bucks.
Additional income can also include gigs, freelance work, and services.
Do your research. The internet is a powerful tool if you know how to use it.
Websites such as Fiverr, TaskRabbit, and even Craigslist are tools used to find additional income.
Don’t Use Your Tax Return
The last thing you should do is depend on your tax return. What if you don’t get a refund this year? Will you plan on doing the same thing next year? Your tax refund can be money invested elsewhere, don’t support your bad habits with a safety net.
Plan to Execute
Don’t just create a budget, see it through. If the next few months consist of top ramen and TV dinners, you’ll live. Plan on executing because even though you might need to make a few sacrifices, it won’t be in vain.