We know that you are kicking yourself in the rear for spending too much on Christmas – again. January is a tough time of the year for many Americans, due to their exessive holiday spending. Many refer to the feeling of economic stress as having a financial hangover Even the most budget reliant shopper fell trap to the sales and deals and steals that surrounded this holiday season. Help yourself recover from the financial blow of Thanksgiving, Christmas and New Year’s by following these tips.
If you do not already have a budget, make one, and stick to it. A budget will help you track your money and make sure that you don’t overspend. Although it can be very difficult to stick to a budget, you will find that if you do, you will feel less stressed and more accomplished.
Stop Using Your Credit Card
Your credit card probably racked up a lot of charges this holiday season – give it a break. Carry the amount of cash on you that you will need for your expenses. If you don’t have the cash, don’t buy it. If you have a problem spending, leave the card at home so that you cannot be tempted to use it because it is not even there.
Be More Frugal
Cut down on your spending. Distinguish between your needs and wants, and only buy things if you need them. Don’t buy new outfits, unnecessary treats, over-the-top decorations, etc. Before you make major purchases, sleep on it to make sure that it’s not just an impulse buy. Avoid even going to the mall or to the store if you have to prevent yourself from spending. Some grocery stores will even allow you to pre-order your groceries and pick them up for free. Take advantage of it, as it will prevent you from walking the aisles and grabbing things that you want rather than need.
Sell Things and Earn Money
We all have things around the house that we don’t need anymore. Sell them on Amazon, eBay, or Craigslist. While it may seem silly to sell shirts or shoes for $10, the money will add up. If you got any gifts that you don’t want or won’t use, return them (unless you will hurt your Great Aunt Rebecca’s feelings). If you can, take a freelance job, or see if you can work overtime. If you have a spare room, rent it out on airbnb. You can also rent out your car temporarily on sites like RelayRides and GetAround (just be careful if you decide to take this route, as if anything happens to your car, your insurance may not cover it).