Many households experience a financial hangover after the holidays. With high interest rates and inflation, it has become increasingly expensive to travel and do other activities that are part of the holiday. In addition, it is easy to put on the spending pants and treat yourself to something during your time off.
It can be difficult to return to everyday life after the holiday leave. It may not be so strange when you have to go from relaxing all day to working, picking up and dropping off children and preparing lunch boxes.
But something that you need to take care of right away is the economy, otherwise things can go badly. News24 have talked to Arturo Arquezprivate economist at Swedbank, who tells you how to save your finances after the holidays.
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Stop wasting money
Arturo Arques explains that it is important to return to normal and sustainable consumption after the holidays. Then it is good to start by reviewing your expenses.
– Start by making a budget with three columns; income actual living expenses and necessary living expenses. The difference between actual and necessary living expenses is often between 20 to 30 percent, he says.
If you have made a budget and realize that the money is not enough, the next step is to review what you are actually spending your money on. Some common culprits that cost a lot of money each month are various subscriptions and streaming services.
– Skip everything that is not necessary for a few months, it will make a big difference and make you quickly boost your finances.
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The worst thing you can do to your finances
Nyheter24 has previously written that you should avoid taking out loans to solve your finances after the holidays. It can become an expensive story because the interest rates easily make the sum rush away.
— We know that many people take loans and credits to go on vacation, said Davor Vuletapersonal finance spokesperson at the Kronofogden, to TT then.
Vuleta points out that an invoice of 500 kroner, in the end, can land at over 2,000 kroner, when it has gone through all the steps with reminder fees, debt collection claims, interest and fees.
Arques points out another mistake that could cost you dearly.
– The worst thing you can do is stick your head in the sand and not take care of your finances. If it looks dark, don’t worry, it will be fine. But only if you get a handle on your finances. Because no one else will do it for you, says Arques.
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