There’s nothing like the magic of the holiday season during November and December. But if you didn’t make a budget and added a few too many gifts to your list, you could be in for a rude surprise in January.
Holiday bills aren’t fun to think about – but we’ve got four easy ways that you can bounce back from holiday overspending and get your finances back on track.
Get the big picture
As much as it hurts, ignoring the holiday debt won’t make it go away. As the statements start rolling in, keep track of how much holiday spending set you back last month. If you dipped into your savings account, see how much you need to pay yourself back. Be sure to track interest rates and fees, too! Once you know how much you owe, it’s time to take action.
Make a plan
Outline what it will take to pay off the extra debt and create a plan to make up the difference. Consider taking a part-time job or selling things on Facebook Marketplace or Craigslist to make a little extra cash, or commit to not eating out for a month or two. If you’ve got items that haven’t been opened, take advantage of the store policy and take them back! If the holiday debt is really piling up, consider using the debt snowball method to pay things off.
Ditch the credit cards
Credit cards are one of the fastest ways to get into serious debt during the holidays. And we’ll let you in on a secret: your credit score is really just a number that illustrates how good of a borrower you are. But you’re trying to get out of debt – not pile up more! Let 2022 be the year you ditch the credit card and stop falling deeper into debt, and switch over to making purchases with cash only.
Don’t let shame take over
Sure, it hurts to make financial decisions you regret. But staying stuck in the cycle of buyer’s remorse won’t undo the past. Give yourself grace over any mistakes you might have made last year, and don’t let shame stop you from taking the steps you need to bounce back from holiday overspending.
Make 2022 the year you crush your debt! Everyone loves a fresh start, so why not make this the year you finally commit to becoming debt free? You don’t have to struggle alone in your journey to financial freedom. With Strong Tower Consulting, you’ll:
- Create a plan
- Learn to manage money
- Build wealth
Let’s take the first step together in 2022! Schedule your FREE session today, and learn how you can get out of debt and pursue financial freedom!