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What is Holiday Splurge?


Most of us suffer from the after-effects of a holiday, and no, it’s not the one you’re thinking about right now. A “holiday splurge” comes in the form of overspending and underestimating.


So how do you work your way around this? Is there a seemingly magical cure to this headache-inducing, belt-tightening predicament? The answer is yes. Let's dive into the steps you can take to overcome your holiday splurge.

Assess the Damage

Sometimes the best way forward is to look back, trace back your steps to the start of your trip and assess the situation to determine the source of the issue.


It’s easy to say “well I simply didn’t keep within the budget” but the issue spans a little deeper than that, perhaps it is a recurring issue, one that you will need to properly break down to get to the heart of the matter.


Once you have gotten to the core issue, you may begin to devise a plan to ensure it doesn’t repeat itself again.


Going Cashless is a Double-Edged Sword

The advent of cashless payment methods has created a new tool for consumers to use as a means of buying and selling goods and services. Cashless payment methods are for the most part a good thing. Its accessibility and ease of use are undeniably a superior paying method in comparison to the now ancient physical banknote.


However, this accessibility also contributes to overspending as we carry around the sum of our bank accounts on our phones. How often do we pull out our phones or debit/credit cards to pay for something without even so much as a glance at our bank balance?


Now, this isn’t to discourage you from using said technology in your everyday life, however, it is a heads up to be careful when purchasing goods and services via cashless payments, and to be mindful of the amount you are spending versus the amount you should be spending in the first place.

Make a Shopping List and Stick By It

Being spontaneous is not always a bad thing, spontaneous plans are oftentimes the most rewarding. However, it can also lead you to spend a little more than you should. A good rule of thumb is to make a list of needs and wants.


This can function either via a physical or digital list. Write down your grocery or shopping list prior to your visit to the mall or store to better prepare yourself amidst the temptation of buying more than you should.


However, it is also important to understand that severely limiting yourself can also act as a trigger for splurging, creating pent-up desires to indulge that can potentially break loose which will eventually manifest itself as overspending.

Keep that in mind, and reward yourself from time to time, your saving experience should not weigh you down, instead, it should be a sustainable and ongoing process. 

Pay Yourself First


Temptation creeps in the moment you get your salary, without a proper game plan you probably won't be able to breeze through the month. What paying yourself entails is the allocation of a portion of your salary that is untouchable.


Say your salary is roughly RM2,500 a month, put aside a portion of your wage that you think is an appropriate amount, taking into account your monthly expenditures, car loans, provisions etc. Figure out a comfortable amount to put aside and do your best not to dip into it.


Once you’ve set aside said portion you will use the remaining salary to pay your monthly bills and commitments. At the end of this process you’ll have a comfortable amount to spend throughout the month, and, you would still have a good amount saved because you chose to pay yourself first.


Forgive, but Don't Forget


It is easy, too easy in fact to dwell on the past, which only has the effect of spurring your anxiety and regrets. Instead, take the more positive approach to work on your spending habits instead of lamenting over spilt milk.


Now that you’ve assessed the damage and devised the appropriate approach to handling this issue, it’s time to move on from the past. However, it is still important to keep a mental, or physical note of the possibility of this situation recurring, to prevent future incidents from transpiring.


Using apps that track your expenditures for you is also a tool that should be included in your arsenal. Setbacks may occur, but what's important is staying consistent with the process.


Be up to date with the latest financial techniques: Visit CIMB’s website learn more about budgeting and other financial tools to keep your expenditures in check.




This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.