Have you ever woken up on a Monday morning with the pounding reminder of the weekend's frivolities? What about after a weekend of shopping?
The stress, fear, and regret we feel after spending a lot of money (that we possibly didn't have) can feel like a kind of credit hangover. They suck! Not only do you have the aforementioned emotions in the days after, but they come back again when the credit card bill comes! Thus, you find yourself in a predicament.
You have now given yourself this new responsibility to repay the money you have borrowed. This is compounded if you also feel like there isn't any money to pay for it. Now may be the best time to sit down and really figure out where all of your money is going. It's time to figure out your budget.
To do this, first write down your total take-home income. Not your gross pay, but what actually hits your accounts or is reflected in your pay stubs after taxes, insurance, and/or retirement plan contributions.
Next, set aside the four categories you will need to survive the next month:
Now, once you have those limits set up, how much of your income is left over? Is it surprising? Could most if not all of that go to help alleviate your credit hangover?
These are questions that you should be answering for yourself. Though, having someone walk with you through that process can make it less confusing and help clarify your thinking. Schedule a consultation at the link below and we can get to some of the answers you may be seeking.
Getting over a credit hangover takes time, more time usually than the regular physical hangover. With dedication and discipline, you can overcome it. Perhaps even build a new plan going forward to help prevent this from ever happening again.