Even though the holidays are a time for joy and celebration, you might ring in the New Year with a nasty financial hangover. Bouncing back after the holidays might take some time, but it’s not impossible. All you need is a recovery plan and a little bit of determination. So, if the holiday season left you with a never-ending credit card bill, here are some tips to help you recover.
Hide Your Credit Cards
If you abused your plastic during the holidays, make it difficult to use your credit card in January by all means necessary. Literally take them out of your wallet and hide them somewhere in your house. Better yet, freeze your credit card. That way you won’t be able to pull it out quickly to use. If you can’t seem to live without them, try reducing the number of credit cards in your wallet to just one.
Avoid Temptations
You may be tempted to take advantage of all the post-holiday sales. However, if you’re already digging yourself out of the holiday spending hole you created, this won’t make it any easier. Bottom line; avoid malls and your favorite online stores at all costs.
Pay off Holiday Debt
Now that you have resisted the urge to continuing spending, it’s time to get serious about your debt. Focus on the paying down the cards that have the highest interest rates, and strive to pay off all your holiday credit card debt by April.
With the right planning, 2015 can financially be your best year yet! William Wolske, CPA wants to be sure you are making good money decisions. Schedule your free consultation today to receive assistance when it comes to handling your finances and money saving goals. Contact our offices at 843.706.9644 today and we’ll go through your financial situation together, so you can have a financially happy new year!