6 Ways To Bounce Back From A Financial Hangover When You’re Feeling Broke AF

In life, we experience hangovers from three things: drinking too much, eating too much (known as a food coma) and spending too much money.

A financial hangover occurs after youve spent what feels like A LOT of money on something you dont normally factor into your budget, and now youre left feeling broke AF.

5 Stages of Trying to Budget [5TAGES]

Im actually going through a financial hangover myself this week. I dropped around $200 on beauty expenses alone in preparation for a business conference.

What? I have to look ~polished~ to make a good impression. I cant just throw my hair in a messy ponytail like I do 99 percent of the time.

So yeah, my bank account has a headache right now. And I wont lie: Even as a financially savvy person, feeling low in funds stresses me out.

Alcohol and food-induced hangovers usually go away within a day even when theyre terrible, but financial hangovers can lasta lot longer.

And Im sure youve found yourself in a similar situation.

So, here are some tips to get yourself out of financial hangover hell:

1. Dont dwell on the past.

Its easy to beat yourself up for letting money slip through your fingers.

Maybe you had to drop money on a new phone after it fell in a toilet (me, earlier this year), or maybe you visited a doctor who for some reason charged you $250 for a pee test (also me, earlier this year).

Whatever it is, pay the bill and move forward. You can use a financial hangover as a learning lesson to be more responsible.

2. Give up spending on one category (like clothes shopping or eating out) for one month.

A month isnt that long when you think about it.

If you take a four-week break from spending money on something on the more unnecessary side, like alcohol at bars or food in restaurants, you can easily start replenishing your bank account.

I actually stopped buying clothes for three months right after last Christmas to add more money to my savings account after the holiday season. And it was seriously worth it.

Pick one category you dont need to spend money on to survive, and stick to it. I promise the stress and anxiety from a financial hangover will be alleviated by the end of the month.

3. Be smart and mindful about spending moving forward.

When I say be smart and mindful, I mean pick a few money apps to help monitor your spending.

My favorite are Mint and Circle. Theyre both free, and theyve both changed how I handle my money.

Mint is a money-managing app that helps with everything from budgeting to reminding you when bills are due, using comprehensive visuals.

Circle is a social payment app that makes IOUs as easy as sending a text message. Unlike Venmo, you can literally use Circle in iMessage, and the transactions are private.

When youre low in cash and youknow peopleowe you money for drinks, cabs, food, tickets or whatever else, now is the time to ask. Dont be afraid to ask your friends to pay you back.

4. This is the perfect time to start budgeting.

A financial hangover can be a huge wake-up call about your spending habits.

And budgeting is a surefire way of controlling your money instead of letting it control you.

Trust me, youll feel more secure about your money situation when you create and stick to a budget. That way, you can avoid future financial hangovers and alleviate a current one faster.

5. Focus on side hustling or selling stuff to replenish your funds.

You can only sock away so much cash from your steady stream of income, but you canalways make more money.

When Im experiencing a financial hangover, I look around my apartment for stuff I can sell. It feels good to get rid of things. Plus, once you start selling on eBay, it gets kind of addicting.

If you dont want to sellactual objects to make money, you can sell your talents by side hustling.

There are so many options out there to start side hustlingtoday.

Even if you make as little as $100during a financial hangover, youll instantly start to feel better.

6. In the future, plan ahead.

Spending around $200 on beauty-related services would have really hurt my bank account last year, but now that I have a healthy emergency fund, I dont sweat it too much.

The same goes for vacation spending. I have a special account just for vacation expenses, so when I come home and look at my giant credit card bill, I dont freak out.

Thats the beauty of planning ahead.

Youll thank yourself for putting money aside now when thoserandom expenses pop up later. And when I say random expenses, I also mean tickets to a Beyonc concert or splurging on a pair of Yeezys. Its for whatever you want.

Financial hangovers arent exactly avoidable, but you can definitely ease the pain by temporarily cutting spending, raking in some extra cash and putting some cash away in anticipation of curve-ball expenses.

Adulting: 20s vs 30s [LABS]

Subscribe to Elite Daily’s official newsletter, The Edge, for more stories you don’t want to miss.

About the Author

Leave a Comment:

Terms and Conditions | Privacy Policy | Copyright Notice | Anti Spam Policy | Earnings Disclaimer | Health Disclaimers | Terms and Conditions | Privacy Policy