For over 50 years, CCCSMD has been a certified nonprofit provider of budget, credit and debt counseling, as well as home-ownership education. We've helped thousands of people who are struggling to pay their bills sort through the confusion, create a realistic budget to achieve their goals, and start on the road to financial security. We strive to spread education and awareness to help people make healthy financial decisions, with a focus on areas where excessive spending and the accumulation of debt are common.
Here are our 5 Post-Holiday Spending Tips!
1. Don’t Overspend on Holiday Clearance
During the first few weeks of January, wrapping paper, ornaments, garland and holiday paper goods will be 50%, 75%, even 80% off their original price. The temptation to buy can be overwhelming but limit yourself to only buying what you need. Excessive spending for next holiday season may leave you struggling to cover regular expenses early in the year.
2. Tackle Holiday Debt
Many people cover their holiday spending with credit cards and personal loans. When the thrill of gift giving and parties has passed, write down exactly what you owe each creditor. Then, develop a plan to pay the debts timely to avoid negative impacts on your credit score.
3. Tally the Holiday Expenses and Plan for Next Year
Take a few hours to sit down and calculate what the holiday season cost. It even helps to write down how much you spent on gifts for each person. Seeing this laid out will help you assess your spending for next year and even build the next holiday into your annual budget.
4. New Year’s Resolutions Shouldn’t Break the Budget
In January, the motivation to reach health and fitness goals is high for many people, but by February, their commitment has waned. Before you splurge on gym memberships, workout equipment or food plans, make sure the costs are in line with your annual budget and won’t leave you with stress and regret by springtime.
5. Get Back to Pre-holiday Routines
The holiday season is a very busy time that changes our daily routine leading to higher lifestyle costs like excessive shopping and more frequent dining out. As soon as the parties are over, it’s time to get back to home cooked meals while avoiding the mall and online shopping carts.