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Tips on Recovering Financially after Big Spending Periods

Tips on Recovering Financially after Big Spending Periods

The holidays can be rough on the wallet. Between gifts, travels, decorations and food, for many this is the most expensive time of the year. Keep reading for ways to financially recover after periods of increased spending.

1). Assess your situation.

This first step is important in determining what your next steps will be. Assess your monthly budget and decide on your short and long-term goals.

2). Stick to your Strategic Plan.

Start tracking your expenses and create a realistic spending plan. Determine how much of your paycheck you want to save. Many banks offer features like “PayDay AutoSave” so that money is automatically transferred into your savings when paychecks are deposited. You may not even notice it missing however, you will notice your savings account building!

3). Spend mindfully.

If you look at your expenses, are any of these truly bought without any purpose? Try to hone in on what you really need to purchase, like groceries and gas, while you are trying to recover. Also, be mindful of what you already have. For example, if you want to buy a new book, count the books that you haven’t read that are already on your bookshelf.

Check out the Financial Wellness program on John Hancock. This program helps you build smart money habits and includes simple financial tools that help to save more and worry less. The program offers:

  • Personalized action plan
  • Self-guided learning
  • Quizzes
  • Rewards and more!

Visit the My Learning Center on your John Hancock portal to get started!

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