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How to Recover from Your Holiday Spending

The season of giving and cheer is over and we have officially entered the new year and experiencing the financial aftermath from holiday spending. But there is a road to recovery that can put you back on track, back to routine and on track for a prosperous 2017. The following steps will help you dig yourself out of the holiday hole of debt.

  1. Make the return.

Ain’t no shame in the returning game. More likely than not, you received a present (or four) that you will never use or actually hate. There’s a reason why you got that gift receipt buried beneath the pretty gift wrap. Take the items you know don’t want and head straight for the stores. The money you receive back or store credit can go towards something better.

  1. Prioritize your necessities.

You might have gotten a little bleary-eyed while trying to partake in the season of giving, aimlessly pulling out the credit card to make that online purchase at the store or for the round of peppermint schnapps at the bar. Well, it’s time to put your priorities in order – which means spending on only the necessities and catching up on finances. This is a crucial period of recovery where your bills and hard expenses cannot fall by the wayside or you’ll get deeper into debt. Before buying something that’s not an immediate need, pay off that credit card statement you racked up. From there, move forward bit by bit until the point when you can actually afford luxuries.

  1. Create a budget.

It’s the most wonderful time… to create a budget. A fresh new year means a fresh new start on setting a solid foundation for budgeting success. Outline how much you can spend on various expense categories based on your income and lifestyle needs. Once you’ve set up a plan, try placing it somewhere you’ll check regularly—be it on your phone, on your work desktop or even on the wall of your bathroom.

  1. Manage your budget.

Making a budget is a good first step but following through is the key. There are so many tools out there that can help you do this. Technology has given us constant connection to our bank accounts and spending profile. Try out an app like Mint.com. The application not only reminds you of when bills are due and tells you what your current credit score is, it also tracks your spending habits and makes suggestions to steer you into better money management. This can work as a two-in-one visual tool for budgeting and a constant reminder of what your financial goals are.

  1. Make extra cash.

Aside from watching your spending, paying off your debt and catching up on bills, it definitely can help to get a side job that’ll put some extra change in the piggy bank. If you have a passion outside of your career and think people would pay you for it, go for it. This could be something as simple as making fashion accessories and selling them on sites like Etsy, writing about a topic you’re passionate about for a niche publication, getting paid to walk the neighborhood dogs through apps like Rover, driving Lyft or Uber or providing interior design advice. Furthermore, if you’re an entrepreneurial spirit, you can learn and practice useful marketing skills while making money with platforms like Amway. It’s a well-knowndirect selling company where you sell nutrition, beauty and home products to a customer base you build using the tools and support provided by them. Extra dough never hurts, especially after the holidays, and you can even make it a worthy time investment towards expand your skillset.

Although the holiday spending season may have taken a significant toll on you, there is a path to recovery. Start off 2017 by getting back the financial stability you had before the holidays hit.

These steps may seem small but they can have a big impact on your overall financial well-being.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, play guitar, music geek, movie maniac and 6 hours sleeper.

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