You know those months when you've just given up looking at your bank account until the next paycheck comes in? Or a month where it feels like you are bleeding money? We've all been there. Overspending happens to everyone, but what matters most is pulling yourself out of the spiral and getting back to being financially fit.
The most important thing is to not berate yourself for overspending. Shame is what leads us to avoiding or ignoring our finances. Athletes aren't perfect every day, and they know that negative talk does not build up their confidence. So they pick themselves back up, tell themselves they can do it, and get back into training. Here are a few ways to get you back to being financially fit:
1. Reflect on why you overspent.
Was it a stressful month at work and you needed a break from the stress? Did everything seem to be breaking down in your apartment and it was just bills left and right? Did you go on vacation and give yourself the credit freedom to just buy whatever you want? It's super important to understand your triggers and motivations for making the choices you did. Take some time to journal about your financial fitness, where you are today, and where you want to be.
2. Assess the damage.
It's time to open up your credit card statements, money apps or whatever else you use to track your finances and get honest with the damage. Write down all of the extra expenses, charges, and add it up. Now you know exactly how much you overspent, and you can put together a plan.
3. Put together a recovery plan.
Depending on how much you overspent, your plan will look different. That being said, I highly recommend taking a dip into taking a month off from spending. It's the fastest way to get back on track, take a whole month for self-care, and just take the pressure off of spending and what's triggering you to spend. If you feel a month is too much, try a weekend or a week. If you want to do something lighter, take a look at where you overspent the most and see if you can pull back - did you order in a bunch or eat out during the month? Can you cook more at home next month? Did you go on a massive shopping spree? Can you go through your clothes and see what you can donate or resell? Take a look where you can cut back and write down how much that would add up to covering your overspending.
4. Make a plan for what to do the next time you feel yourself overspending.
We're only human and triggers happen. What you can control is recognizing when something has triggered you and you are impulse spending. Here are 7 tips to stop impulse spending and stay in control!
What are some things you do when you overspend to get you back on track?
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