Sometimes all it takes is a bad day at work or spending time with a lavish friend for you to throw your budget under the bus and let loose with a “well deserved” spending spree. If you’re on the tail end of just such an event and are trying to figure out how to save your finances, this article is for you. From fast cash loans (check fast cash loans from speckle) that are actually safe to reverse-spending sprees, here are the five most important steps to take if you’ve impulsively blown your budget.
1. Take advantage of return policies
Once you’re away from the florescent clamor of the shopping center and all its enticing displays, you’ll find it easier to assess whether you really need the things you bought. Never rush to unbox items, trash receipts, or cut off tags. Instead, give yourself a cooling-off period, and if you really can’t afford everything you bought, return whatever you can.
2. Sell items that your new purchases replace
If you’ve splurged on some beautiful new items of clothing, for example, and don’t want to return them, consider selling older items from your wardrobe that can be replaced by your new purchases. The same theory can be applied to anything you’ve bought that blows your budget. Between Facebook’s marketplace, eBay, and Craigslist, you’re bound to find buyers to help you out.
3. Embark on a reverse-spending spree
If you indulged in unreturnable purchases like tattoos, massages, or spa treatments, then you can balance your spending spree by going on a saving spree. Consider all your regular purchases and ask yourself if there are some things you can do without until you’ve recouped the lost funds.
Once you’ve selected your candidates – perhaps you’re going to bike to work instead of driving and swap some luxury food items for simpler options – calculate how long you’ll have to do without these things until the debt is paid off. This solution brings you back to square one while teaching you a valuable lesson about taking responsibility for your actions. Additionally, you get to enjoy your impulsive purchases, making it wins all round.
4. Try a working spree
If giving up a few luxuries isn’t going to be enough to get you back on track, consider adding a working spree to your repertoire. This can be a long-term side hustle that you fit into your schedule or a one-off gig that gives you an instant cash injection. You can use sites like Fiverr or Craigslist to find gigs or ask friends and family if they need a babysitter or someone to help with work around the house. By sacrificing a weekend or two, you could even end up ahead of the game savings-wise.
5. Nip credit card debt in the bud
Even if you employ all the tips above, you may be lumped with a large credit card balance for a few months. The interest from this can have a devastating effect, driving you further into debt despite all your efforts to get out. If you can see this looming, research low-interest cash loans that can be used to pay off the balance of your credit card, allowing you more breathing room to work off the debt. If you’ve dug your hole a little too deep, it’s worth consulting with a debt management expert to devise strategies to extricate you from your predicament.
It can be scary realizing that you’ve just impulsively shopped yourself into debt. However, the five simple tips above can help you systematically save yourself. And if you work each step just right, you may even get to keep your impulse buys!