How to Get Your Finances Back on Track After the Holidays

How to Get Your Finances Back on Track After the Holidays

Ringing in the new year with holiday debt?  You’re not alone.  According to Experian’s Holiday Shopping Survey Results, 38 percent of consumers surveyed find it difficult to stay within their holiday budget and nine percent anticipate paying off their credit charges late.

 

So how do you turn holiday spending into an opportunity to pay off this newly accumulated debt?  Follow these tips to get started!

 

 

number one in blue box  Review holiday spending and income

Review all expenses from your holiday season and include these minimum payments on a monthly income worksheet.  This helps create a timeline for how quickly all of your accumulated debt may be paid.

 

Or use a monthly expenses worksheet to include other variables, such as utilities and groceries, with any holiday debt that are paid monthly.

 

 

number two in blue box  Make a plan to tackle all debts

Avoid buyer’s remorse from the holiday season and approach this new debt as a part of any existing debt.  This may assist in your budget plan for 2018 and create a different, thoughtful approach to payment on holiday debt—and may help keep unwise spending habits from being practiced in the new year.

 

Keep track of your new 2018 budget by using our Budgeting Tool.

 

 

number three in blue box  Set up a holiday savings account.

Become proactive! Open a holiday savings account for the next holiday season.  Set up automatic transfers so a comfortable amount of any deposited cash can be set aside in that account for any type of holiday spending, such as upcoming vacations or gifts.

 

 

number four in blue box  Stay on track throughout the year.

New financial routines can be difficult to begin, especially when correcting old, familiar spending habits.  Check in on any budget worksheets weekly, and update expenses as often as possible.  Spending, saving, and paying can feel more rewarding when the savings benefits are updated consistently. 

 

Learning how to save can be fun!  Visit our online resource center for more tips on how to adjust budgets, save more money, and keep online spending safe from identity theft this holiday season.

 

Questions about membership?  Reach our Member Contact Center at 1-877-325-2848 or contact us online.


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