Lifestyle

Five steps for getting your finances back on track after a spending splurge

We’ve all been there.

That creeping regret when you know you’ve gone a bit off the rails with your spending.

It started with buying something you genuinely needed, then you thought you might as well get a treat – after all, you deserve it.

Suddenly you were splashing the cash like you were made of money, tight budget be damned.

Now you’re terrified to look at your bank balance and cursing every contactless card tap.

It’s easy to say screw it and let this spiral into a pattern of splurging. But don’t give up – there are ways to get back on track.

The experts over at Offer Of The Day have shared their five steps to moving past the guilt and getting back on the saving train.

Confront the damage

Sorry, we know it’s painful, but you really do need to check just how much you’ve actually spent.

Brace yourself and check your bank balance. You need to know what you’re actually dealing with.

Once you’ve done that, it’s worth looking at if any of your financial mistakes are reversible. Did you buy some stuff that you really regret? Can you return it?

‘Once you have everything you’ve spent in front of you, you can really evaluate whether or not you need to keep that purchase, and potentially return a few items,’ say the Offer Of The Day team.

Work out a way to if you can make this splurge fit into your monthly budget

‘If your splurge is fairly small, you might be able to work it out to include it in your monthly budget,’ say the experts. ‘You might be able to do your food shop with supermarket own brand items, or skipping a few takeaway coffees to make up for the purchase.’

Plan ahead for future splurges

Let’s be honest with ourselves: no one can stick to a tight budget and make the smartest financial decision at all times.

Sometimes you’re going to be tempted to spend. The key is not to try to eradicate this human urge entirely, but limit it, and figure out how to fit in a need for treats while being able to afford the rest of your lifestyle (and save some cash, while you’re at it).

The Offer Of The Day team say: ‘While splurges aren’t ever really planned, having a buffer that you can encroach into when you make a bigger purchase can really help.

‘Set aside a bit of money each month and you’ll be able to use that for your big purchases rather than cutting into your monthly budget as much.’

Don’t beat yourself up about it

We repeat: everyone does a bit of a silly spend now and then. Don’t get caught in a pit of guilt and despair.

The problem with being super critical when you splurge is that it can make you continue unhealthy money habits.

You might have an all or nothing mindset, and decide to ditch all your good work budgeting because you think ‘what’s the point after I’ve messed up?’.

Or you might feel so rubbish that you overspend to try to feel better.

Accept that you might have slipped up, but that all is not lost, you’re not a terrible person, and you can always do better in the future.

Earn some extra cash to cover the loss

An easy fix to spending more money than planned? Making some extra funds.

If you know you’ve overdone the buying, get to selling some old stuff on Depop or eBay.

Bonus: this will make room for your new purchases.

Expertise provided exclusively from Offer Of The Day.

If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.

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