Did you spend too much on Christmas?
Join the club.
Now that the holiday spirit is dwindling as we turn the page on another calendar month, chances are you’re starting to regret buying way too many presents and spending way too much money on who-knows-what.
As with anyone who blows their holiday budget, it’s common to feel some regret come January.
The good news is it’s okay, and you can get right back on track. Think about when you get lost. Do you keep driving the wrong way? Of course not! You stop and ask for directions, or these days, you find your cell phone signal and confirm Siri is sending you the right way.
Think about when you get lost. Do you keep driving the wrong way? Of course not! You stop and ask for directions, or these days, you find your cell phone signal and confirm Siri is sending you the right way.
It’s the same with your budget. There will always be setbacks, but it’s how you respond to them that will determine if you are able to really take control of your finances.
If you spent too much at Christmas this year, don’t worry. Instead, prepare yourself with a plan of attack. Here are a few ways to get back on track with your budget.
Here are a few ways to get back on track with your budget.
Pay Off What You Can
Force yourself to pay off as much as you can on your credit card bills. Don’t settle for making the minimum payment. Instead, force yourself to put the absolute maximum payment that you can. Forcing yourself to put that money toward your debt will make you feel the pinch and force you to limit your spending for the rest of the month.
Limit Your Spending
You overspent. Now you have to feel the consequences. It’s not comfortable, it doesn’t feel good, and it’s SO much more fun to spend, spend, spend rather than pinch, pinch, pinch.
But just like someone who is trying to lose weight, you can’t keep overeating and reach your goal. Sometimes you go overboard and indulge at the dinner table so you have to force yourself to be conscious of how much you eat the next day. Same case here. Limit your spending to allow you to put more toward your debt.Did you spend too much money during the holidays? Here are 3 ways you can bounce back Click To Tweet
Plan Ahead for Next Year
Because the holiday season only lasts for a month, the potential damage you committed to your budget is most likely minimal. Yes, you’ll feel the pain in January, but you’ll most likely be able to get back on track by March.
Unfortunately, if you want to get serious about your finances, devoting the first quarter of the year to paying off the holidays is not exactly the smartest thing to do every year. So learn from your mistakes and figure out how to prevent this from happening in the future.
And how do you do that? Set up a special holiday savings account where you commit to putting in $25 a week, or $50 every paycheck, to help you have a nice sizable holiday spending account. Come next Christmas, you’ll be prepared and won’t have to worry about going in the red.
Have you ever overspent during the holidays? What did you do to bounce back?