Spring break is over, and while the memories are priceless, your bank account may be hurting. If you went over budget on your trip, it’s not too late to get back on track.
1. Assess the Damage Honestly
Start by taking a hard look at your finances. Sometimes, when we know that we have spent too much, it’s tempting to avoid looking at the damage, but don’t give into the temptation. Open your bank account and credit statements to calculate exactly how much you spent versus what you originally planned. Answer these key questions:
- How much did I go over my budget?
- How much do I owe on credit cards or loans?
- What upcoming expenses (rent, bills, subscriptions) do I need to prioritize?
It might feel overwhelming, but understanding where you stand is the first step to fixing it.
2. Prioritize Your Debt Strategically
If you used a credit card or borrowed money to fund your trip, focus on paying off high-interest debt first.
- Pay more than the minimum – If possible, increase your monthly payments to minimize interest charges.
- Use the snowball – The snowball method tackles the highest-interest debt first (while making minimum payments on other debt) to save money in the long run.
- Consider a balance transfer – If your spent far more than you could afford and you have a high-interest credit card, a balance transfer card or personal loan with a lower interest rate can reduce what you pay on interest over time.
3. Cut Back on Non-Essentials for a Few Months
To free up extra cash, temporarily reduce discretionary spending. When you look at how much you spent during your trip, spend some extra time looking back at your spending the month before your trip. This can help you figure out exactly what you typically spend and differentiate between necessary expenses and expenses that can be cut.
Set a short-term goal to trim unnecessary expenses for the next 30-60 days, and direct that money toward paying off your trip. Every bit of extra income can help you recover faster.
4. Adjust Your Budget Going Forward
Use this as a learning experience to strengthen your financial habits.
- Create a “fun fund” for future trips – Start setting aside a small amount each month so next time, you’re financially prepared. A high yield savings account is a great place for this fund.
- Set spending limits – If you struggled with self-control, consider using a prepaid travel card or cash-based budget for your next trip.
5. Don’t Beat Yourself Up—Just Move Forward
Everyone makes financial mistakes. The key is learning from them and making changes to avoid repeating them. Rather than dwelling on the past, focus on actionable steps to regain control of your finances.
By being intentional about cutting back, paying off debt, and planning smarter in the future, you can recover from an expensive spring break and set yourself up for better financial decisions ahead.
Did You Know?
Your employer sponsors this financial wellness benefit from Francis LLC. The benefit connects you with down-to-earth financial planners who educate and advise on any money matters…without the sales pitch. We are exclusively engaged by employers like yours and have no investment products to sell, so you can feel confident that you will always receive objective advice.
Your financial planner will help you set priorities and achieve your money goals, without judgment or financial jargon. Know that all discussions are kept strictly confidential. This service is offered as an employee benefit with no per-session co-pays, so you can meet with a financial planner as often as you wish. Services are paid by your retirement plan or your employer.
Connecting with a financial planner is easy! Here’s how:
- Visit FrancisWay.com > Services > Participant Portal
- Call (866) 232-6457
Download the free mobile app (Search for Francis LLC)
