It is the norm that during the festive season many people spend so much money. Now that the holiday excitement has settled down, many are looking at their bank statements and credit card bills with sad eyes. It’s all too easy to go overboard during the holidays. Having said that though, the following tips will help you to recover.
- Step Away From The Sales
Avoid the temptation to start your New Year out with another spending spree. Those post-holiday sales can be tempting, often with deep discounts, but don’t do it! Stay focused on your goal, don’t get yourself deeper in debt. - Earn Income On The Side
If you are blessed with an open-ended job, do overtime anytime the opportunity arises. There are so many ideas out there, so if you need extra money, be creative. Perhaps you can ask your employer for overtime opportunities, or take on a small babysitting position. Clear out your cupboards and sell some stuff at a local car-boot sale or flea-market, you will be surprised how much cash you have lying around the house in the form of items that you can sell. - Leave Home Without Cash
Stash those nasty credit cards and wallet in a safe place. Leave them at home, stop using the credit cards until you get everything paid off. If you just can’t stand not having a credit card with you, take just one for emergencies and leave the rest at home. - Plan For Next
Avoid falling into the same mess next year, plan for the coming holidays, you have 11 months to do it. A great idea is to set up a separate “Holiday Spending” account for this year. Beginning now, make small deposits each pay period. If you keep this up and keep to your debt reduction plan, you will be able to recover from your holiday spending hangover. - Commit To No Frivolous Spending
It may be hard but it’s totally worth it. Basically, the idea is that you cut frivolous spending (no fast food, home décor buys, clothes, etc), and eat out of your pantry, fridge, and freezer for the next few months. This should help get your debt back on track.
If you have however spent that much that you cannot see the light at the end of the tunnel or know how to start getting debt under control you should consider speaking to a professional.
Maybe you should consider debt counselling? Debt counselling is a simple process that takes the stress out of debt, your payments will be renegotiated to more manageable payments and you will no longer be hassled by people looking for money. Contact us for more information on what to do?
Source: https://www.youthvillage.co.za/2018/01/5-ways-recover-financially-festive-season/
