{"id":54828,"date":"2023-12-19T11:51:59","date_gmt":"2023-12-19T03:51:59","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=54828"},"modified":"2024-02-02T14:37:18","modified_gmt":"2024-02-02T06:37:18","slug":"recover-expensive-holiday","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/recover-expensive-holiday","title":{"rendered":"How To Recover From An Expensive Holiday"},"content":{"rendered":"

Did you travel this year? If you have, then you are part of the majority of Malaysians who have expressed their intention to travel in 2023. The Holiday Barometer 2023 survey<\/a> had shown that over 69% of Malaysians intend to travel abroad this year.<\/p>\n

Revenge travel was on most holidaymakers minds when borders opened worldwide after the pandemic. With the recent visa liberalisation by the government combined with year end flight promotions, many Malaysians have jumped at the chance to take their much needed holidays.<\/span><\/p>\n

Never mind that our ringgit is a lot weaker this year compared to previous years. Plus, inflation has caused prices to skyrocket which means that you will have to put aside a lot more money for your expenses on holiday.<\/p>\n

<\/span>Dealing with the aftermath of overspending on holiday<\/b><\/span><\/h2>\n

On the surface, there is no issue with revenge travel. It is understandable that people want to get back to seeing the world, be it for business or leisure. Not only that, helps the struggling tourism and travel industry.\u00a0<\/span><\/p>\n

However, this is also not an excuse to throw caution to the wind and ruin your finances. Revenge travel might be all about getting the wanderlust out of your system, but, at some point you will have to come home and face the – financial – consequences of your actions.<\/span><\/p>\n

<\/span>Re-evaluate your budget<\/b><\/span><\/h2>\n

Once you have returned from your holiday, you will likely want to start looking for ways to reset your budget and recover your finances. Some people might have begun budgeting before the trip. For those that did not, it\u2019s not too late to start.<\/span><\/p>\n

It is easy to lose track of your spending when you are having fun overseas. As such, the minute you get back, you should figure out how much the trip has set you back. Following this, work out how much you will need to save to recover the cost of the trip over a period of time. Having a clearly revised\u00a0 budget is key to ensuring that you stay on track to achieve your long-term financial goals.<\/span><\/p>\n

<\/span>A month of no spending<\/b><\/span><\/h2>\n

One of the most effective ways to recover from a pricey holiday is to have a month of no spending. During this time, you should try not to buy anything outside of necessities. This means no movies, no new clothes, and definitely no shiny new toys. Sacrificing your hobbies for a month can go a long way in helping to stabilise your budget and boost an emergency fund.<\/span><\/p>\n

This doesn\u2019t mean not spending anything, but rather cutting your spending down to a minimum. Just don\u2019t end up neglecting your personal well-being; and definitely don\u2019t resort to eating instant noodles for the whole month either.<\/span><\/p>\n

<\/span>Cut out the unnecessary groceries<\/b><\/span><\/h2>\n

Having a month of no spending is also an excellent way to figure out which expenses you can afford to cut out of your long-term budget. For example, after a month of home-cooked food instead of eating out, you might have found some cheaper alternatives that you can buy for your groceries. You might have also found out that you can live without certain food products, thus lowering your overall food budget permanently.<\/span><\/p>\n

<\/span>Unsubscribe<\/b><\/span><\/h2>\n

Another thing that you can likely cut out of your budget is redundant or underused subscriptions. This is especially true if your monthly statements are filled to the brim with redundant mobile subscriptions, unused gym memberships, or an overabundance of streaming services. Considering how so many of our favourite shows are now locked behind certain exclusive streaming brands, you might find that you unintentionally subscribed for one too many.\u00a0<\/span><\/p>\n

<\/span>Additional shopping tips<\/b><\/span><\/h2>\n

With this, you should be set to get your finances back on track. However, there are a few more things you can do to cut back on spending, especially when it comes to shopping. Here are a few additional tips for you to consider:<\/span><\/p>\n