Whether international or domestic, a vacation could end up costing you a lot and, ironically, leave you feeling more stressed out than before. Even on your own, holiday spending can add up quickly if you’re not careful.

It is important to consider how to bounce back, learn from experience, and plan ahead for your next trip to avoid making the same mistakes. Here are some ways for you to recover financially after a holiday.

1. Record all expenses

The first step is to take stock of how much you really spent during the holidays. It would be great if you had diligently keyed in your spending into an expense tracker; if not, start by examining the cash you currently have – in hand as well as in your bank account – compared with before your vacation.

Cross-check this with receipts for any cash purchases, and record down all the expenses.

Also download your credit card bills for the month and identify your spending for the holiday period. From here on, it would be ideal to record both the cash and credit card expenses in a spreadsheet.

Don’t forget that a history of your transactions via e-payments can also be easily downloaded.

If you went for a family trip, then you would want to also record expenses spent by your spouse and children.

2. Evaluate what was essential and what was not

Going on a vacation probably meant you and your companions were focused on having a good time, rather than stressing about what to buy or not buy. Still, evaluating whether the expenses were essential or not allows you to improve your purchasing choices the next time you go on holiday.

Determining between essential and non-essential may sound simple, but there are plenty of grey areas. It’s a good idea to discuss with your spouse or partner to better understand how these expenses fit your household.

For example, spending on meals, transportation, and accommodation could be considered essential, but only if there were no frills. Fine dining every evening would add up to plenty. Even buying snacks as treats can add up to quite a sum, especially in tourist locations.

The same principle can be applied to accommodation – you don’t need to stay in five-star hotels every single night, and certainly don’t need to be ordering in room service regularly if other options are available.

As you work through categorising your expenses, consider setting a reasonable limit on how much you and your spouse would like to set aside for non-essentials on your next vacation.

3. Pay your credit card bills

You would have surely racked up quite a sizable amount of credit card debt during your vacation. Make sure to repay this first, as overdue charges could come up to quite a big amount, putting you in further financial trouble.

If you don’t have autopay services set up, it might be a good time to do it. Don’t let the banks and credit companies take more of your hard-earned money.

4. Cut down on spending for now

If your vacation spending has put you behind in your finances, cut back on spending for the moment as you work on recouping your losses.

Work on deciding what you could do without – for example, putting more effort into cooking at home instead of eating out, or opting for teh-tarik instead of bubble tea.

Set aside a fixed amount for your savings first before deciding on your purchases. Stay disciplined and focus on building up your savings again.

It is also very important to learn to say “no” if you face financial peer pressure from people who are less understanding and supportive than they should be.

5. Budget for the next few months

After recording and evaluating your expenses, and paying off your credit card bills, you can plan your budget for the coming months. Start by identifying essential expenses such as housing, transport, food, and insurance.

Do the same also for your spouse and children, if applicable. Arrange them in high-, medium- and low-priority categories, and focus on budgeting for the most crucial first.

With this in place, you will also be able to start planning for your next vacation!

6. Work some side gigs

This may not apply to everyone, but part-time or freelance work is a great way to earn some extra income to recover from strained finances. This reduces the pressure to cut back drastically on your spending, and also enables you to learn new things.

You could try e-hailing services, food delivery, freelance writing, tutoring, or any other job that allows you to utilise your skills or even develop new ones. Choose something that doesn’t take up too much of your time because, after all, you are still holding down a full-time job.

Plus, you never know – perhaps that side hustle could become your main hustle and fund your future vacations!

This article was written by Su-Wei Ho for MyPF. To simplify and grow your personal finances, follow MyPF on Facebook and Instagram.