Overspent over the festive period and feeling the pinch now?
In this post, we’ll provide an in-depth explanation on what to do if you have overspent over the festive period and are feeling the pinch now. Learn more about simple steps you can take here
Finding yourself in a position where maybe your credit card is beyond your estimate can be a very stressful and anxious place to be. Discovering that your credit card bill or overdraft is WAY bigger than you reckoned it would be is a very regular occurrence. It happens on a daily basis, so you are not alone. AND there is a way out of it. With your full commitment and understanding, it is possible to get yourself past this and on a steady road to building the financial wellness level you desire.
The first step to getting to grips with this is taking your head out of the sand. Get a handle on what the total is that you have to deal with. That can be an unpleasant and shocking experience but trust me it is a lot easier to deal with the known than the unknown. If this discovery is overwhelming for you, take a break. Get some fresh air. Do something that always works to blow the cobwebs away – dance, sing, walk. It is amazing what clearing your perspective and energy can do to tackle a challenging situation.
Once you are in the headspace to move forward, grab a pen and paper or digital equivalent and sketch out a plan. Knowing the total that you have to deal with, what feels like the best way for you to chunk it down to manageable chunks for you to repay? How can you free up some cash to direct more towards reducing this amount as soon as possible? How can you generate cash to clear this debt? Trust your gut on what is doable for you right now. You can always change this as you go and tweak it so that it feels right for you.
An amazing tool I have seen used repeatedly is using a mindful colouring sheet to colour in each time you pay off a chunk. Keep this sheet somewhere you see daily and it will remind you of the progress you have made to date. This is hugely motivating to keep you on track and a reminder that your efforts are paying off slowly but surely.
Trust that you will in time get on top of this. With your head firmly out of the sand and actively dealing with this, you will resolve it. You might be surprised to see that once you get momentum with this, it is cleared way quicker than you expect.
To Your Financial Wellness,
Caitriona
Do you have any questions, tips, or ideas about overspending? Let us know in the comments section below!
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