Hinterhaus Productions via Getty ImagesIt’s tempting to go over your budget while on vacation.Vacations offer a much-needed break from the grind of working and everyday life. All good things must come at a cost, however, and sometimes that cost is much higher than expected.“Overspending on vacation is a common occurrence for many people,” Bola Sokunbi, the founder of Clever Girl Finance, told HuffPost. “Countless temptations on vacation can put us in a different state of mind. We want to treat ourselves and overindulge. Additionally, many of us follow the ‘work hard, play hard’ mentality. You put in the long hours to earn your money, and now it’s time to enjoy it by spending it on everything you want.”Advertisement
If you accidentally stretched your budget a little too far during your last vacation, don’t panic. We asked experts to share their advice for getting back on track financially after a particularly overindulgent trip.Assess the damage.“The first thing you should do when you get home from vacation is know exactly how much you spent while you were away,” said Courtney Alev, a consumer financial advocate at Credit Karma. “Look at your credit card statements and bank accounts to see a list of all your transactions, and think back to if you spent any cash.”Don’t forget to factor in any outstanding expenses, like repayment to the friend who put their card down for restaurant meals or a final charge from the hotel. “Although you may be fearful of looking at your bank account after vacation, the best thing you can do for your finances is to tackle it head-on,” Sokunbi said. “You may realize you’ve spent more or less than you thought.”Advertisement
Take note of when your next credit card bill is due and whether you’ll have the funds to cover it so that you can take action quickly. Resist the urge to ignore the problem.Create a realistic plan.“Creating goals around your finances is a great way to get back on track and recover from overspending,” Sokunbi said. “Once you know how much you’ve overspent, you can make that number your savings goal. For instance, if you’ve spent $1,000 more than you intended, your goal can be to save that amount over the next two months.”You can embark on a specific money-saving challenge to gamify the process and make it a bit more enjoyable. Tell your loved ones or find an online community for extra support and encouragement.“Savings challenges encourage you to save a set amount of money each week for a period of time,” Sokunbi said. “It’s a great way to stay motivated when saving money.”If you’re facing credit card debt due to your vacation overspending, you’ll want to prioritize paying that back as soon as possible.Advertis …
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If you accidentally stretched your budget a little too far during your last vacation, don’t panic. We asked experts to share their advice for getting back on track financially after a particularly overindulgent trip.Assess the damage.“The first thing you should do when you get home from vacation is know exactly how much you spent while you were away,” said Courtney Alev, a consumer financial advocate at Credit Karma. “Look at your credit card statements and bank accounts to see a list of all your transactions, and think back to if you spent any cash.”Don’t forget to factor in any outstanding expenses, like repayment to the friend who put their card down for restaurant meals or a final charge from the hotel. “Although you may be fearful of looking at your bank account after vacation, the best thing you can do for your finances is to tackle it head-on,” Sokunbi said. “You may realize you’ve spent more or less than you thought.”Advertisement
Take note of when your next credit card bill is due and whether you’ll have the funds to cover it so that you can take action quickly. Resist the urge to ignore the problem.Create a realistic plan.“Creating goals around your finances is a great way to get back on track and recover from overspending,” Sokunbi said. “Once you know how much you’ve overspent, you can make that number your savings goal. For instance, if you’ve spent $1,000 more than you intended, your goal can be to save that amount over the next two months.”You can embark on a specific money-saving challenge to gamify the process and make it a bit more enjoyable. Tell your loved ones or find an online community for extra support and encouragement.“Savings challenges encourage you to save a set amount of money each week for a period of time,” Sokunbi said. “It’s a great way to stay motivated when saving money.”If you’re facing credit card debt due to your vacation overspending, you’ll want to prioritize paying that back as soon as possible.Advertis …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]