How to Recover Financially from Holiday Spending

Posted on 12/27/2010

Perhaps you blew your holiday 2010 budget. Or maybe you didn’t have a budget at all. Now that you made it through the Christmas season, it’s time to start focusing on recuperating from holiday spending. Here are some tips for recovering financially.

Return Items - Don’t feel too bad if you overspent at the mall—it happens to the best of us. Advertisers and marketing firms spend millions luring you to spend, spend, spend so even those of us with the best of intentions can get caught at a cash register we never intended to be standing at. So if you’ve got anything left that you bought but didn’t give, or received and don’t want, return it. You may get a little cash back in your pocket or at least you’ll have a gift card instead of a product you don’t need.

Boost Credit Card Payments - If you used plastic to make holiday purchases it’s time to focus on paying that off. Try to double credit card payments so you won’t be paying them off during the 2011 holiday season.

File Your Taxes - Plenty of people get tax refunds. If you’re one of those people file your taxes sooner than later. It will help you get some extra cash flow to put towards those credit card bills. Just make sure you avoid the temptation to spend that refund on yet another purchase.

Start a Spending Diet - Take two weeks to go on a spending diet. Stash away your wallet, eat what’s in your pantry and borrow movies from the library. Tap into your competitive spirit and take this challenge to heart. You may be surprised how long you can really go without buying anything.

Make a Plan for Next Year - If you found yourself with no reserves for holiday spending, don’t let that happen again next year. Set aside money from each paycheck into a gift account. Or commit to putting any extra income from eBay sales, hobbies or side jobs into that fund. Start today because a year from now you’ll be glad you did.

By Alison Storm

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