Tips On How to Financially Recover From Your Holiday Spending

News & Views | Gerren Keith Gaynor | 12/27/2013 | 02:00 PM EST

Now that the holidays are over, you may want to get your finances back in check

Chances are you fell into the temptation of overspending this holiday season and now you’re staring at your bank account wondering how you will ever recover. If this is you, now’s the time for you to start working on damage control. Though you may have gone a little overboard with the gift shopping and traveling expenses, it doesn’t mean you can’t get your finances together in time for the new year. In case you need a little direction, check out these helpful tips on how to financially recover from your holiday spending.

Hide Your Credit Cards
Considering they’re the reason why you’re currently in a financial bind, you may want to part ways with your credit cards. For the best results, give them to a friend and have them hide it from you and not return them until you’ve managed to settle the tide. As long as your credit cards remain in your possession you’re susceptible to digging yourself in an even bigger financial hole.

Save More Than You Spend
You’ve had your fun already, which means it’s now time to start getting more serious about your spending. Rather than trying to end this year off with a bang by partying it up with colleagues and friends, you may want to start saving a greater portion of your paycheck to ensure you’re better prepared for the bills that are sure to come in January. Instead having a good time spending, you may want to focus on making sure your savings account is in sound shape.

Resist Temptation
With all the end-of-year inventory sales that’ll inevitably be flaunted in your face, it will be quite the task in resisting the desire to swipe your card. However, remember that sales come and go, and that your financial wellbeing is more important than a new addition to your closet that you really don’t need. Avoid shopping as much as possible...but it’s easier said than done.

Tackle Your Debt
The trouble with having debt is that you can fall into the trap of simply paying the minimum balance so that you can keep as much cash in your pockets as possible. Now that the holiday has come and gone, it’s time to start being more responsible. Start doubling your payments, or, if possible, pay off your balance altogether. The worst thing you can do is bring your unnecessary debt with you into the new year. 

(Photo: Jose Luis Pelaez Inc/Getty Images)

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