You just got home from your beach vacation. Instead of unpacking, you spend hours scrolling through photos reminiscing about your time away. But then reality sets in when you realize it is Sunday night and you have to work the next day. Your stomach grumbles but the fridge is empty because you haven't been grocery shopping for 2 weeks. This emotional despair only deepens when you go to check your bank account to order some DoorDash. Your account balances are much lower than anticipated and your wallet doesn't seem to be as heavy as before. Welcome to the post-vacation nightmare.
We have all experienced this “nightmare” at least once in our lives. When you’re on vacation, you are relaxed and are more likely to spend more money than you would in your normal day-to-day. You want to go on as many excursions as you can squeeze in try different foods from other cultures, and no vacation is complete without an overly expensive shirt boldly showcasing the destination you visited.
In our previous blog, we talked about to how to budget while on vacation… but what happens when your budget goes out the window? How do you get out of the financial mess that is the post-vacation nightmare? Here are some tips and tricks to help you financially recover from vacation:
After a vacation, you should take the time to go through your finances in detail to assess your overall financial situation. Check your current debt, account balances, payment due dates, etc. so that you have a better starting point and idea of what your budget will look like. When you create your budget, set realistic and obtainable financial goals. For instance, if you put too many transactions on your credit card on vacation, a realistic goal would be to pay off what you spent on vacation in a certain time frame.
The last thing we want is to continue in this vicious cycle of overspending on vacation followed by being in financial distress when we return home. To combat this, create a separate vacation fund as soon as you can. You will need to be proactive to get the best result. Try putting away a set amount every month. Example: if you manage to put away $100 a month, you will have $1,000 in 10 months. That can be a great amount of extra cash to bring with you on holiday. Write down the expenses you experienced on your latest vacation, what you will need for your next and then calculate how much money you need to afford all of that. This will help you understand the full financial picture of how much money you need to avoid another vacation financial disaster.
If you really want to improve your finances after a vacation, you will have to quit overspending. This means a full financial diet of trying not to spend on unnecessary items and experiences. After all, overspending is what got us in this financial nightmare in the first place!
Ways to reduce overspending:
Vacations are meant to be enjoyed! However, it is far too easy to get caught up in the moment which puts you at risk for a financial disaster. By making smart financial decisions throughout the year, you will find yourself in a much better spot financially come your next vacation.
Category: Think Pink: A Millennial Perspective
You just got home from your beach vacation. Instead of unpacking, you spend hours scrolling through photos reminiscing about your time away. But then reality sets in when you realize it is Sunday night and you have to work the next day. Your stomach grumbles but the fridge is empty because you haven't been grocery shopping for 2 weeks.
It is officially summertime, you’ve put in the request for some time off at work and you’re ready for some much needed R&R! You finally start to plan out your vacation getaway, and then… you see that the expenses are adding up quickly. The last thing you want is to arrive at your destination and realize you’re out of money. So how do you plan a vacation without overspending, that also fits your budget?!
Spring is finally upon us! While most people are thinking about spring cleaning their homes, it is equally as important to think about cleaning your finances. Yes, just like that one crinkled shirt hidden in the depths of your closet that you promise “you will wear one day” – your finances need some reevaluating, too! So, where do we even start? Here are a few tips and tricks to start spring cleaning your finances:
Before we start, I already know what you’re thinking, “Olivia, you’re not good at saving money. Is this going to be a huge flop like the ’No Spend November‘ challenge?” And my answer: potentially. I always do my best to be transparent when it comes to money… and I am a work in progress! I cannot guarantee this spending plan is going to be my “a-ha moment” where I get my life and finances together, but it is worth a shot!
Ah, February – the month where love is in the air and, for us single folk, it is the month where we get amazing deals on post-Valentine’s Day chocolates. In February, relationships are celebrated with romantic dinners and roses, however, there is an important relationship that often goes uncelebrated – your relationship with yourself!
When you’re 25 years old, retirement seems so far away. Even though I have at least 40 more years in the work force (sigh) I still know that one day I am going to be burnt out from working 5 days a week- I already am! Eventually, I’ll need to stop working as hard as I am now to enjoy some relaxation except I can’t get to that point if I run out of money prematurely.
When my mom was growing up, my grandparents would pull off the clown car illusion of stuffing every neighborhood kid into their car to go get an ice cream cone every Friday night. There were days when my grandparents had only a couple dollars in their pockets, yet, they never turned anyone down.
The painful truth for most people my age- we have no clue how to file taxes. And what do you do when you have no clue how to do something? Ask your parents!
When I was 10 years old, I envisioned that by age 23 I would be an “adult.” I’d be married and living in a colonial home that I’d raise my family in. Fast forward 16 years. At 26 years old, I am not married, I still live at home with my parents and I couldn’t imagine having kids of my own right now. It seems laughable now but how did my 10 year old vision change so drastically over the years?
Is anyone else confused at how it is already 2022?! Growing up, I always felt that the years were so much longer. However, the older I get the more I realize how quickly each day goes by. I began my career at the credit union when I was young and fresh out of college. Now, I am in my late 20’s and my back pops when I bend over!
Hi my name is Olivia and I am a total clothes horse. I buy for a mixture of reasons, including being a spin instructor so always “needing” new workout sets or severely overestimating the amount of times I go outside my house. In reality, I wear the same t-shirt and sweatpants every day (yay for working from home!). Essentially, I have spent so much on clothes that my bedroom has started to look like a TJ Maxx popup shop.
At one point in my post-grad career, I had to temporarily switch to an Income-Sensitive Repayment Plan. This option stipulated that the loan payments were going to be based on my annual income. I was only on this plan for about one year but I was paying almost $200 less than what my regular payments were supposed to be.
When I was young, I was gifted the coolest plastic safe. It was deep grey with a bright purple handle that you would spin to open and it had clinking sound effects whenever you opened the safe and deposited money. Since this was before I had a savings account, I threw all of my money in there until it would all fall out when I opened the safe.
According to a survey from CreditCards.com, “47% of Americans are carrying credit card debt.” This statistic would make my grandfather furious if he heard it. He would often say to me, “Vivi, the world started to go downhill once they introduced plastic money!” Following my grandfather’s testament to the downfall of society, he would then tell me the story of how he used to always leave a wad of cash in his work locker for emergencies.
If you’ve been a regular reader of the ThinkPink blog series, you should be well-versed on the importance of a budget. When it comes to saving money and having a plan, a budget is one of the best ways to take control of your finances and reach your financial goals. However, I’ve found that following through with a plan can be cumbersome and while there may be momentum in the beginning, eventually it fizzles out before a goal is even reached. Why is that?
For some readers, the No Spend Challenge could be done with ease and that is awesome! For me, a No Spend Challenge is difficult. It is especially hard when participating during the month of November. Let’s cue the smallest violin here, again. For starters, every store is now fully stocked with their transitional fall into winter pieces, which is arguably the best season for creating outfits.
When you graduate from college, one of the first things that you start to save toward is getting your own place. You just lived on your own for 4 years and had that taste of “freedom.” You could go about as you pleased without having to tell your parents where you were going at 11:00 pm. And if your diet consisted of late-night pizza and mozzarella sticks then so be it. College is essentially a 4-year long sleepover with your closest friends but then one day it ends and before you know it you are back in your bedroom at home.
Since starting this blog in 2020, we've covered a wide range of topics. It has been fun doing deep dives into the world of personal finance. All this big thinking, though, can cause us to gloss over basic financial principles.