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You just got home from your beach vacation. Instead of unpacking, you spend hours scrolling through photos reminiscing about your time away. But then reality sets in when you realize it is Sunday night and you have to work the next day. Your stomach grumbles but the fridge is empty because you haven't been grocery shopping for 2 weeks. This emotional despair only deepens when you go to check your bank account to order some DoorDash. Your account balances are much lower than anticipated and your wallet doesn't seem to be as heavy as before. Welcome to the post-vacation nightmare.
We have all experienced this “nightmare” at least once in our lives. When you’re on vacation, you are relaxed and are more likely to spend more money than you would in your normal day-to-day. You want to go on as many excursions as you can squeeze in try different foods from other cultures, and no vacation is complete without an overly expensive shirt boldly showcasing the destination you visited.
In our previous blog, we talked about to how to budget while on vacation… but what happens when your budget goes out the window? How do you get out of the financial mess that is the post-vacation nightmare? Here are some tips and tricks to help you financially recover from vacation:
After a vacation, you should take the time to go through your finances in detail to assess your overall financial situation. Check your current debt, account balances, payment due dates, etc. so that you have a better starting point and idea of what your budget will look like. When you create your budget, set realistic and obtainable financial goals. For instance, if you put too many transactions on your credit card on vacation, a realistic goal would be to pay off what you spent on vacation in a certain time frame.
The last thing we want is to continue in this vicious cycle of overspending on vacation followed by being in financial distress when we return home. To combat this, create a separate vacation fund as soon as you can. You will need to be proactive to get the best result. Try putting away a set amount every month. Example: if you manage to put away $100 a month, you will have $1,000 in 10 months. That can be a great amount of extra cash to bring with you on holiday. Write down the expenses you experienced on your latest vacation, what you will need for your next and then calculate how much money you need to afford all of that. This will help you understand the full financial picture of how much money you need to avoid another vacation financial disaster.
If you really want to improve your finances after a vacation, you will have to quit overspending. This means a full financial diet of trying not to spend on unnecessary items and experiences. After all, overspending is what got us in this financial nightmare in the first place!
Ways to reduce overspending:
Vacations are meant to be enjoyed! However, it is far too easy to get caught up in the moment which puts you at risk for a financial disaster. By making smart financial decisions throughout the year, you will find yourself in a much better spot financially come your next vacation.