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How can I recover from holiday spending?

On Behalf of | Dec 31, 2018 | Bankruptcy, Firm News

Now that the holidays are over, many people in Ohio are reeling from the amount of money spent on gifts, food, and entertainment. While they’re supposed to be a time of joy, for most the holidays mean overspending, which can bring your dangerously close to financial instability. Experian offers the following advice in this case, which can help your recovery from problem spending over the holidays.

Make a list

As of right now, where do you stand financially? This should be your starting point when assessing holiday spending, and you can determine your current financial standing by making a list. Write down your expenses, debts, current income, savings, and any other relevant data. Once you have these numbers in front of you it will give you a solid understanding of budgeting needs. You can also include some financial goals in your list for a broader perspective.

Target impulse spending

Once your list is complete, look for areas where spending can be trimmed. This usually entails cutting back on entertainment expenses, such as eating out. When grocery shopping, look for deals and coupons to help boost your savings further. Any non-essential purchases should be put off until your debt is firmly under control.

Plan for next year

Of course, you can prevent holiday spending instability by planning ahead for next year. Using this year’s expenses, figure out how much you’ll need for gifts and other costs. Start putting this money away now so you won’t have to dip into your regular income at the end of next year. You can also start shopping now so you can reap the benefits of sales and discounts, which may not be applicable next holiday season.