For the holidays, many of us have the tendency to spend everything we have on gifts, parties, outfits, and food. Then, before we know it we are entering the new year broke.
Here are some ways that you can recover from your holiday overspending and build your funds back up.
First, you need to be smart with the money that is coming your way. As college students, refund checks are being deposited and if you have a job, then tax returns are not far behind. Make sure to not splurge with this money. Use it for necessities like your textbooks or rent and then put the rest away.
That is a lot easier said than done, but it will feel a lot better to have money in the bank then to look back and have nothing but some new shoes or a purse.
Since it is a new year, make a commitment to start and stick to a budget. If there is a designer jacket that you just have to have then set aside a little bit of money for it at a time. Pay for the most important things first. If you have bills and you need gas in your car then take care of that right away.
With the new semester, you also have to consider things like a parking pass and school supplies.
If you still find yourself short on funds after saving and budgeting to your best abilities, then find creative ways to earn some extra money.
Clean out your closet and sell your good conditioned clothes to a consignment shop. Take back bottles. Save your spare change in a jar or piggy bank. Try getting a part-time job if you don't already have one. You can go job searching right on campus or at nearby places like a restaurant or the mall.
Try spreading out your money. Have a savings account for emergencies, a checking account for spending, a little bit of extra gas money in your glove box, and some cash stashed away for that big trip you have coming up.
There are many ways that you can recover from your old spending habits and make smarter decisions this year, you just have to find what works best for you.
