Find out where you overspent

Assess your transactions and find out where you have gone above your capacity. It will help you track what products or services you bought that could have been avoided.

Tighten your pockets

Once you have assessed your overspending, the next step is to put a stop to it. Make only responsible purchases and cut your spending on luxurious items.

Get rid of credit card debt

The next important step is to get rid of your debts. Try to repay the outstanding credit card amount within the interest-free period to avoid interest charges.

Make a budget

Make both short-term and long-term budgets. A mini-budget serves as a stopgap measure to help you get back on track. A long-term budget helps you plan for your long-term goals.

'Income - savings = expenditure' rule

Take out the amount that you need to save, not what you can save, into a separate account. Then, consider the amount you are left with as your real income.