Recoup your savings after the holiday period

The festive season is one of the most expensive times of year. There is the end-of-year social events, the gift giving, followed shortly by the New Year sales. By the time mid-to-late January rolls around most of us are starting to feel the financial pinch.

But fear not, we’ve put together some tips to get your savings back on track.

1. Calculate how much the holiday season has impacted your savings and set a new savings goal.
2. Determine how much you can put away to replace the deficit and continue to grow your savings. 
3. Once you have your revised saving plan in place, use the below tips to help stick to your new budget.

• Opt for free activities on the weekends, for example going to the beach or going hiking
• Suggest to your social group that the next few events be backyard BBQs or picnics in the park
• Keep everyday costs down by catching public transport instead of driving, packing your lunch instead of eating out or temporarily suspending your gym membership and taking advantage of this great summer weather with some outdoors exercises (YouTube is a great free resource for this).

By following the above steps, pretty soon you will have recouped your savings. Importantly, you can avoid this same savings slump next holiday season by putting a small amount of money away each month for the next year. Revisit the initial figure from point 1, then divide this by 12. Put this new figure away each month in a ‘holiday season’ account, as well as continuing to contribute to your regular savings account if you can. And there you have it -  a holiday season kitty for next year!

For more financial advice, speak to one of our Financial Planners today.