The reason why the beginning of the New Year is so tough to most of us is because we forget that we need to live on after the festive seasons are over. As much as we have the right motive to over indulge, we need to seriously make sure we do not begin the New Year on the wrong footing. The reason of stating this is because some of us may have even taken loans to take care of the end of year parties.
Since the damage has already been done, relax and take your time to evaluate how you spent your finances. Step back and review your current financial status and if it is still alright keep up but if it has deviated, stay focused in order to map your way towards recovery. Life should not come to a halt just because you over indulged during the festive season.
The first thing to do is to avoid any compulsive spending, be mean with your money for some time. Before spending anymore, reflect on whether you really need what you are purchasing.
Draw a recovery financial plan which will assist you to get back on your feet again. The financial plan should have a time limit on when to achieve some stability. You can decide to cut cost on things like transportation or even move to a cheaper rental house for some time.
In your personal financial plan, make sure you take into consideration the coming festive season and start saving for it early enough. All said and done, life is short and we should enjoy every moment of it but it does not mean we stop planning our lives, prudently.
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