How Do I Recover From a Holiday Splurge

Most of us suffer from the after-effects of a holiday, and no, it’s not the one you’re thinking about right now. A “holiday splurge” comes in the form of overspending and underestimating.

So how do you work your way around this? Is there a seemingly magical cure to this headache-inducing, belt-tightening predicament? The answer is yes. Let's dive into the steps you can take to overcome your holiday splurge.

Temptation creeps in the moment you get your salary, without a proper game plan you probably won't be able to breeze through the month. What paying yourself entails is the allocation of a portion of your salary that is untouchable.

Say your salary is roughly RM2,500 a month, put aside a portion of your wage that you think is an appropriate amount, taking into account your monthly expenditures, car loans, provisions etc. Figure out a comfortable amount to put aside and do your best not to dip into it.

Once you’ve set aside said portion you will use the remaining salary to pay your monthly bills and commitments. At the end of this process you’ll have a comfortable amount to spend throughout the month, and, you would still have a good amount saved because you chose to pay yourself first.

It is easy, too easy in fact to dwell on the past, which only has the effect of spurring your anxiety and regrets. Instead, take the more positive approach to work on your spending habits instead of lamenting over spilt milk.

Now that you’ve assessed the damage and devised the appropriate approach to handling this issue, it’s time to move on from the past. However, it is still important to keep a mental, or physical note of the possibility of this situation recurring, to prevent future incidents from transpiring.

Using apps that track your expenditures for you is also a tool that should be included in your arsenal. Setbacks may occur, but what's important is staying consistent with the process.

Be up to date with the latest financial techniques: Visit CIMB’s website learn more about budgeting and other financial tools to keep your expenditures in check.

This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.