How to Recover From Holiday Spending and Prepare for Next Year
Whatever the reason, most of us will be paying for those stocking stuffers well into spring, and some of us will carry this year's splurges into the next season. Here are nine tips for a speedy recovery from holiday spending, and how to prevent overspending next year:
1. Return What You Don't Need or WantRather than hold on to duplicate gifts or gifts you do not want or need, exchange the gifts for items you need now or may need in the coming months, such as a birthday gift, or something your run out of regularly. Of course you can always return an unwanted gift for cash, and use it to pay down those hefty credit card bills.
2. Double Your Credit Card PaymentsFinance charges add up faster than you can blink, and you may end up paying $50 for a pair of socks before you're through paying off your cards. The best solution is to pay off the balance of your cards when the statement comes this January, but that is not possible for many families. Instead, curb enough expenses to double your payments each month, at least until the holiday expenses are covered.
3. Put a Cap on Entertainmnet ExpenseHoliday movies, concerts, pageants, and the ubiquitous DVDs and other media gifts are enough entertainment to last you - and your kids - for more than a little while. In order to raise some cash to pay off your cards, put a moratorium on going out to dinner, movies, and purchasing unnecessary items, at least through January. Instead, institute game night, book club, or an outdoor activity. Replacing the same old expensive fun with exciting new (free) fun helps to stake the sting out of staying on budget.
4. Do Your TaxesIf you are one of the lucky few that actually receives a refund each year, do your taxes as soon as you receive all of your forms from employers, investment companies, and banks. Use the refund to pay down debt, or, if you have a good handle on that already, use it to invest in next year's holiday.
5. Do Your Spring Cleaning EarlySpend a weekend sorting through all of those tucked away boxes and bags and pull out anything you haven't used in a while, or don't want anymore. Take digital photos of the gently used items and put them up on eBay for auction. For larger items, such as furniture, exercise equipment, or even collectibles, you could also post an ad for free on Craig's list and sell it locally. Another benefit of spring-cleaning is all of that "found money" lying about. Use the proceeds of your cleaning adventure to pay down holiday debt.
6. Hit the SalesIf you have a little extra cash (not credit), sit down with the sales circulars and make a list of items you may need for next year. Post-holiday sales can save you as much as 75%, which will help you keep costs down next year. Pick out next season's holiday cards, purchase ornaments, gloves, and hats as gifts; and stock up on lights, decorations, and wrapping paper.
7. Make a PlanHoliday spending can get out of hand when you don't have a plan. Chances are, you will have the same people to buy for next year, so make a plan now for how much you would like to spend and ideas for gifts. In the coming months, take advantage of sales and pick up gifts on your list as you go. Your spending will be spread out, and you are less likely to pay full price for certain items. Remember to pay cash!8. Revive The Christmas ClubThe first free moment you have in January, go to your bank and open up a Christmas club savings account. It may sound old fashioned, but it is a simple way to save for the holiday. The bank will take out any amount you specify, as often as you like; usually once a month. Even if it's only fifty dollars a month, by December you will have saved $600 towards your holiday expenses.
9. Set Up A Family ExchangeGifts for extended family can get way out of hand, and we rarely budget for it in advance. Start talking with your family now about cutting costs. A family exchange is a fun solution most people would agree to. Each family is matched up with another family, and is given a dollar amount to spend. It takes the guesswork out of deciding how much to spend, and it can be fun to see what everyone comes up with!The holidays are a time to celebrate traditions and family. Financial stresses put a cloud over the festivities, and make it difficult for you and your family to enjoy the season. By taking steps to plan for the holidays financially, you can keep the focus on what is important, relax and have fun.
Related Tags: holiday, how, to, for, year, prepare, and, recover, spending, from, next
Pat Brill is co-founder of http://www.SilkBow.com which supports Busy Moms with free gift ideas and helpful tips to meet the challenges of motherhood. She is also co-founder of http://www.WellnessArticles.net, a directory of articles covering many areas of wellness. You can reach Pat at pat@SilkBow.com
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Important Things to Know About an Assisted Living Residence in Texas
n assisted living residence is a facility designed for senior citizens or persons with disabilities - Understanding How the Probate Process Works
The probate process is required within the U.S. to settle estates of deceased persons. The time requ - Fun Ideas for the Family During the Christmas Holiday
The Yuletide season is one of the most awaited holidays of the year because it is the time for joy a - How To Find The Right Composite Decking Deck Builders
Another rising home improvement project homeowners are starting to do a lot more of is the composite - Every Home Should Have A Radiant Barrier
The most easy and successful home improvement project you can do to your House, would be to install - The Different Types Of Rain Gutters
When purchasing a house or planning to do improvements to a home, there is always one project that s - How To Get The Best Replacement Windows For Your Home
Installing replacement windows can be the single most important home improvement project you can do - Holiday Accommodation Gold Coast: Pointers For Selecting The Best
With a multitude of holiday accommodations in Gold Coast, choosing the one for yourself can be quite - Want Holiday Accommodation In Gold Coast Queensland? Get Online To Find The Best Deal In A Quick, Co
There are several ways to find holiday accommodation in Gold Coast. You may refer to travel guides t - Celebrate The Ten-days Festival Of Navratri.
Dasara known as Dussehra, Navaratri, Vijaya Dashami is a festival of triumph of GOOD over Evil. The
Most viewed articles in this category:
- Adoptees Need Support When Voicing Feelings about Birth Parents
"I feel like a mistake.""I'm not like them.""Where's my family?""Why can't I find a suitable career? - Progressive Cooking: All About 'cuisine'
The French are known for their interest in art and all that is fine. It therefore comes as no surpri - Moroccan Decor - Oh My! Make Your Home Shine With Moroccan Rugs and Tapestries.
It is said in Morocco that he who enters Fez with a rug will leave with a moneybag. This saying o - Online Criminal Background Checks-Importance & Ease
Have you ever thought your new neighbor looks like one of the pictures on the post office bulletin b - Installing A Burglar Alarm
Want to protect your home? Ready to install a burglar alarm? The popularity of the home burglar ala - Lowe's Backyard Playground Sets
Lowe's is an excellent first place to look for anyone who is looking for the best swing sets on the - How Could Short Term Health Insurance Help Me?
Short-term health insurance plans allow people to have health insurance for a limited amount of time - Watch Out For Those Stinky Skunks!
There are various species of skunks found throughout the United States including the striped, spotte - Asthma In Kids: An Increasing Epidemic
Many believe that the majority of asthma cases are confined to adults, but this is definitely an inc - Stairlifts For Riders Of Above Average Weight
A stairlift is an affordable device that is used to give people with limited mobility access to the