Getting Your Budget Back On Track

The Festive Season is often a time of indulgence and, while that’s natural, many people do take things a little too far and spending can easily spiral out of control.  

If you’re unsure how to get your spending back on track for 2023, here are some ideas to help you recover financially in the upcoming year. 

Bare minimum Spending 

Although the New Year sales might seem like a good idea, it is wise to stay clear. Aside from essential expenses, such as mortgage repayments and groceries, a month of bare minimum spending can be another good way to get back on track. This will create a little bit more breathing space and a good opportunity to start 2023 off on the right foot. 

Go cardless 

Leave the cards at home and use cash. It might sound extreme, but payWave is both a blessing and a curse. It’s far too easy to just ‘tap & forget’. By working out how much you will need each week for discretionary spending and withdrawing the cash, you will be much more aware of your outgoings. If you don’t like carrying cash, set up an account which you can transfer your weekly budget into, separate from bills, savings, and day-to-day essential expenditure. 

Reviewing your finances is in your interest 

If you find that your credit card bill is a little higher than usual, don’t stress. Make sure you’re making regular payments to help minimize any additional fees and interest you may be charged. This is also a good opportunity to review your credit card rates and fees, especially if you have a large credit card debt. Shopping around for a lower rate or finding a low-interest balance transfer credit card can make all the difference in the long run. 

Get better at managing your finances 

Recovering from the financial hangover of Christmas can be overwhelming, especially if finance isn’t your thing. That’s why there are several smart bank accounts and apps out there that can help you take control. The key to getting back on track is choosing an account and app that goes beyond tracking expenses. A smart bank account and app can manage your money for you by sending you alerts so you know what is safe to spend, as well as separating your money into three buckets – pay, save, spend. This is an extremely valuable tool, especially when you’re trying to minimize spending. 

Plan ahead 

Take the time to review your finances and determine what financial goals you want to achieve in the coming year. 

The team at Provide Finance are here to help you get your budget back on track.  

Use our budget planner to be on top of all your finances.