So You Overspent This Holiday Season
We’ve all done it; We’ve all gotten caught up in the excitement and magic of the holiday season and gone way over budget purchasing holiday gifts, attending holiday parties, or traveling to visit family and friends during October, November, and December. Even if you tried to be careful about spending, you may have found yourself with a mountain of holiday debt that completely broke your budget for the year. This January, you can start new and recover from your holiday overspending using the simple tips in this article.
Assess Your Situation
The first step toward recovering from your holiday debt is to understand exactly how much there is and how you can pay it back. Take some time to collect all of your bills and assess your expenses. Then, take a look at your income and understand exactly how much money you make and how much you can afford to pay back at a time.
Adjust Your Budget
Once you understand your financial situation, rebuild your budget for this year to include the extra expenses incurred from your holiday spending. Adding these into your budget will help you understand exactly what you have to pay for every month and how much will be left over for saving and spending. When you know where your money needs to go, you’re more likely to pay all of your bills on time and avoid late fees and bad marks on your credit score.
Plan Ahead for Next Year
After you’ve figured out how to recover from holiday overspending, learn from the mistakes you made this past year and plan ahead for the coming holiday season. It may seem like it’s a long way off, but it’s important to build your holiday spending into your overall budget for the year. This will help you save for the holidays and keep you from overspending next October, November, and December.
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