So, you’ve had an amazing summer, splashed out on holidays, meals out, maybe even a few spontaneous purchases. The sun was shining, the vibes were good and you didn’t think twice about treating yourself. Fast forward to now, and you’re starting to feel the pinch. That familiar post-summer financial hangover is creeping in. Don’t worry, you’re not alone. Loads of us are feeling the same way right now.
But here’s the thing – there’s no point in beating yourself up over it. What’s done is done. The key now is figuring out how to get back on track without making your life miserable. It’s time to tackle that financial hangover head-on, with a fresh approach that suits you.
Find your financial recovery style
Just like there’s no one way to enjoy summer, there’s no one-size-fits-all approach to getting your finances back on track. Whether you’re the type to go cold turkey and cut out all non-essentials or prefer a more gradual easing off the gas, the important thing is to find what works for you.
The “Cold Turkey” approach
This one’s for the brave hearts out there who thrive on a complete reset. It’s all about cutting non-essential spending immediately – no more takeaways, unplanned nights out, or impulse buys until you’re back in a comfortable financial zone. The Cold Turkey approach is like a financial detox; it might be tough at first, but it’s incredibly effective if you can stick to it.
In practice, this means if you’ve been splurging on daily lattes, dining out regularly, or buying clothes you don’t really need, this method would have you pressing pause on all of that, at least for a while. Instead, you’d focus on home-cooked meals, DIY coffees and revisiting your wardrobe. The idea here is to bring your expenses down as quickly as possible and give your bank balance some much-needed breathing room.
The “Soft Landing” approach
Not quite ready to ditch your favourite luxuries altogether? The Soft Landing approach might be more your speed. This method allows for a more balanced reduction in expenses, letting you gradually cut back rather than going all-in. It’s about mindful spending and slowly reintroducing some financial discipline without feeling deprived.
Think of it as gently easing your way into financial health. Instead of cutting out all treats, you might limit your dining out to once a week, swap your daily coffee run for a few times a week, or set a smaller budget for shopping. This approach is kinder and more sustainable if you know going cold turkey would lead to an eventual splurge.
Self-compassion is key
Regardless of which path you choose, it’s important to practice self-compassion. Feeling guilty about overspending during summer is natural, but don’t let it consume you. We all slip up now and then, and the important thing is to learn from it and move forward.
Rather than focusing on the “I shouldn’t have done that” thoughts, reframe your mindset to “What can I learn from this?” Maybe you realised that summer holidays are your kryptonite, or perhaps those small, regular splurges added up more than you thought. Take these lessons on board and use them to inform your spending decisions moving forward.
September: Your financial fresh start
September always feels like a bit of a reset month, doesn’t it? Whether it’s the back-to-school vibe or the shift towards autumn, it’s a great time to reassess and re-prioritise. Think of it as your chance to wipe the slate clean and start fresh with your finances.
If you’re opting for the Cold Turkey approach, set clear, achievable goals for the month. It could be a no-spend challenge or setting a tight budget for non-essentials. For the Soft Landing crew, try creating a spending plan that allows for some small treats while still aiming to reduce your overall expenses.
Concrete tips to get you started
- Review your expenses: Take a look at where your money went over the summer. Identify any patterns – were there certain areas where you overspent? This will help you see where you can cut back.
- Set a budget: Whether it’s a strict one or a more flexible spending plan, having some guidelines in place will make it easier to stay on track.
- Prioritise needs over wants: This doesn’t mean cutting out all fun, but make sure your essentials are covered before spending on luxuries.
- Automate your savings: If you don’t already, set up a direct debit to your savings account as soon as you get paid. This way, you’re building your financial cushion without thinking about it.
- Find free or low-cost activities: There’s plenty of fun to be had that doesn’t cost a fortune. From hiking to free museum days, look for ways to enjoy yourself without spending big.
At RiseUp, we’re all about helping you find the approach that suits you. Whether you’re diving into Cold Turkey or easing into a Soft Landing, our tools, community, and personalised advice are here to support you.
September is your chance to start fresh, reset your mindset and get back on track with your finances. So, what are you waiting for? Let’s rise up to the challenge together.
