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Getting Your Finances Back On Track After The Holidays
Stanbic IBTC team
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Summer break is so much fun especially when you are somewhere far from home with your family and friends. But overspending and vacations always seem to go hand in hand. It can be very difficult to stay within your budget during the holidays, and many people end up being flat broke or getting into debt.

To avoid financial panic when you return from your vacation, we offer some easy steps to follow:

Re-budget - Once you have blown your budget, it is difficult to resist the temptation to throw your budget out the window for the month. Be calm, take a step back and draw up a new budget for the remainder of the month and the following month.

Pay up your debt – Whatever damage the holiday did to your bank account, you should still pay up your debts. Not necessarily all, but you may decide to pay off the bill with the smallest balance as this will free up some surplus money quickly which can be used towards paying off another debt. You may have to juggle the debts each month so that you don't get too far behind.

Give something up - You may have to give up a luxury that you have for yourself such as entertainment, cable TV, expensive family dinner or dinner/movie dates for a few months to free up some money so that you can regain your financial balance.

Find a way to make more money - If you've already cut back as far as you possibly can then look for other ways you can make some more money. You can look for a freelance job that will pay and will not jeopardize your current one. What you get from it might not be much, but it still counts as something. And remember, this is only temporary but it's critical that you stay afloat.

Plan for your next vacation - To avoid getting into holiday debt next year, you may want to start saving right away. No matter how long it takes, create a plan using your future weekly, biweekly and monthly budgets to put your overall budget back in balance. It may take some time, but it's worth it to get back on track.

Use your bank to the fullest: Many Stanbic IBTC customers find that it is super convenient to have the full range of financial services under a single roof. Talk to your banker about the ContractSave account, Zero COT current accounts and investment products like mutual funds so you can get the most from your bank.