co-branded logos of ATB and Queerd Co.
two triangles pointing to the right

For perspectives on life, money
and modern financial literacy

 

For perspectives on life, money
and modern financial literacy

Spending Recovery Guide - animated images of money and gift icons

The 6 step plan to help you recover from holiday overspending

Step 1
|
Step 2
|
Step 3
|
Step 4
|
Step 5
|
Step 6
Step 1 with a gift iconStep 1 with a gift icon
Review & reflect on your holiday spending
As hard as it can be to look at the numbers, it’s important to understand exactly what you’re working with. Take some time to review your holiday spending to see where your money went.
 
Reflect on the following questions:

What purchases were intentional versus impulsive?

What categories did you overspend the most in?

How much did you spend in total during the holiday season?

What would you like to do differently next year?

  • ‹ prev
  • next ›
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
WORKSHEET:
Holiday spending review
Step 2 with a money with wings iconStep 2 with a money with wings icon
Curb your impulse spending
Currently we are in the thick of New Year’s resolution marketing campaigns which can prolong the temptation to impulse spend. So here are some quick tips to hit the brakes on impulsive purchases:
icon of unsubscribing
Unsubscribe from marketing emails
icon of credit cards
Remove your credit card info from your web browser & Apple Pay
Remove your credit card info from
your web browser & Apple Pay
icon of food delivery
Delete tempting takeout apps like SkipTheDishes
icon of a hand holding a bank card
Use a separate spending card for fun money
pause icon
Pause before you buy and ask yourself Do I need this? Is this in my budget?
Pause before you buy and ask
yourself Do I need this? Is this in my budget?
Step 3 with a target iconStep 3 with a target icon
Set financial goals
It’s much more enticing to stick to a budget when you have specific financial goals you’re working toward. Maybe you want to pay off holiday debt, save up for a vacation, or max out your TFSA.

Write down some clear, actionable goals for the next year.

Be sure to revisit your goals throughout the year to keep you motivated!

Bonus tip: 

Create a vision board that visually displays your goals and hang it somewhere where you’ll see it everyday.
  • ‹ prev
  • next ›
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
WORKSHEET:
2025 financial goals
Step 4 with an icon of money flowers growing out of the groundStep 4 with an icon of money flowers growing out of the ground
Create your recovery plan
At this stage you have a clear idea of your starting point, as well as where you want to go in the future. The next step is to create a plan that will help you recover from holiday overspending and get you on track to achieve your goals.

Consider what the most pressing financial concern is and focus on tackling that first. Feeling stuck? Hover over some suggestions to learn where to start.
icon of an envelope of bills

Prioritize

Prioritize which payments or bills need to be made first.

icon of a clipboard with checkboxes

Repayment

If you went into debt over the holidays, spend some time creating a repayment plan for yourself.

icon of a delivery box with an arrow pointing backwards

Returns

Take advantage of the extended return policy from brands and return any of your unnecessary purchases.

icon of a calculator

Budget

Use ATB’s budget worksheet to create a realistic budget that will help you achieve your goals.

WORKSHEET:
Recovery plan
Step 5 with an icon of an arrow pointing down and a coinStep 3 with a target icon
Engage in a low-spend challenge
Engaging in a low-spend challenge is a great way to reset your finances after the holidays, and help recuperate any money spent. Unlike no-spend challenges, where the goal is complete restriction, the goal of a low-spend challenge is to reduce non-essential spending but not completely avoid it.
 
The goal is to be more intentional with your spending decisions.

Decide on a timeline.

Choose your spending rules

Outline any expections.

Set up a way to measure your progress.

Example: 

You might decide to cut back on ordering take-out and buying new clothing for one month. Your exceptions could be things like new socks, or clothing that you need to replace. You might monitor your progress daily using a calendar or a habit tracking app.

  • ‹ prev
  • next ›
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
WORKSHEET:
Low-buy challenge
Step 6 with a piggy bank iconStep 6 with a piggy bank icon
Set yourself up for next year
It’s never  too early to start planning for next year’s holiday season! Based on how much you spent this year, use those numbers to create a budget for next year.
icon of unsubscribing
Open a savings account specifically for holiday spending
icon of unsubscribing
Bonus tip:

Set up automated transfers into your savings account so you don’t even have to think about it.

Remember, you’re not alone in feeling the post-holiday spending anxiety. Take a deep breath, and focus on tackling one step at a time.
 
You’ve got this!

More resources

budget tracker calculator graphicbudget tracker calculator graphic
Spending tracker
Download to your phone and update
DownloadOpens in a new window.
budget tracker calculator graphicbudget tracker calculator graphic
Worksheet
Monthly budget and goals tracker
DownloadOpens in a new window.
emergency savings calculatoremergency savings calculator
Savings roadmap
Get a personalized savings plan
CalculateOpens in a new window.