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Budgeting Tips Post-Holiday Season

Updated: Feb 5

With Christmas gone, it is often many Aussies find hole in their pockets. Whether you've gone a little overboard on gifts, feasts, or travels, you're not alone. Many find themselves with a little financial hangover come January. But fear not, Salt and Lime have a few tips and tricks to get your finances in order. Here are some tried-and-true budgeting tips to get you back on track post-holiday season.

  • Evaluate and Reflect: Before setting a new budget, it's essential to know where you stand. How much did you spend over the holidays? Compare this to your initial budget. Understand where you overspent and why. This will help you avoid making the same mistakes next year.

  • Cut Back on Non-Essentials: Post-holiday season is a great time to go on a financial detox. Limit dining out, put subscriptions on pause, and avoid impulse buys. Remember, it's temporary until you get back on your feet.

  • Set Clear Financial Goals: Whether you aim to pay off your credit card in three months or save a certain amount by year's end, having clear financial goals can keep you motivated.

  • Prioritise Debt Repayment: If you’ve accumulated debt over the holidays, make it a priority to pay these debts back to avoid missed payments and a reduction in credit score. You can even consider a Salary Split option- so you do not miss any debt repayments.

  • Use Cash or Debit: It's easy to lose track when swiping a credit card. By using cash or debit for a while, you're more likely to stay within your spending limits. Paying with multiple cards through your mobile device? Remove your credit cards and keep only your debit card handy so you’re not tempted.

  • Revisit and Adjust Your Budget Monthly: Your budget isn't set in stone. As situations change, your budget should adapt. Regularly reviewing ensures you stay on track.

  • Plan Next Holiday Season Now: It might seem premature, but starting a holiday fund now can prevent overspending next year. Even saving a small amount each month can lead to a substantial fund by the time the holidays roll around.

  • Educate Yourself: Read financial blogs, books, or even consider attending a budgeting workshop. The more you know, the better decisions you'll make.

  • Shop Smart: For essentials, look out for sales, use coupons, or consider buying generic brands. A little saving here and there adds up.

  • Stay Positive: Budgeting, especially after a spend-heavy season, can feel restrictive. But remember, it’s for a brighter financial future. Stay positive, stay focused, and celebrate small victories along the way.

By implementing these budgeting tips, you can navigate the post-holiday period with confidence and set the stage for financial wellbeing and being debt-free. Salt and Lime would like to cheers to a financially savvy new year!


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