6 steps to recover from a heavy Detty December spending
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Detty December in Nigeria is a period when one spends a lot of money on foods, gifts, outings and travels.
Hence, by the time January rolls around, you are feeling the effects of financial stress to drained wallets and broken routines.
Recovering doesn’t have to be a painful process. With a few simple steps, you can reset your finances and start the new year on a fresher, healthier financial note.
Here are six practical ways to bounce back after a heavy December.
Create a January budget
Plan your spending for the month, allocating money for necessities, savings, and a small allowance for treats. A clear budget helps prevent post-holiday overspending from continuing into the new year.
Take a full stock of your finances
Check your credit cards, bank accounts, and outstanding bills before continuing. The first step to rehabilitation is understanding exactly how much you spent and what you owe.
Prioritize essential expenses
Keep your needs and wants separate. Prioritize rent, bills, food, and transportation. Postpone or reduce non-essential expenditures until your finances stabilize.
Limit credit use
Avoid using credit cards or taking loans to cover holiday overspending. Focus on paying off what you owe first, and only use credit if absolutely necessary.
Find small ways to earn extra cash
You can replenish your funds more quickly by doing freelance work, selling leftover stuff, or lending a skill. When recovering from overspending, even little sources of money have a discernible impact.
Build a mini-emergency fund
Start setting aside a small amount each month to cover upcoming holidays once you’ve stabilized. The stress of another time of high spending can be avoided with even a tiny buffer.
The post 6 steps to recover from a heavy Detty December spending appeared first on Vanguard News.
