We all go into the holiday season with the best of intentions. However, you can only hold out so long before you succumb to a little indulgence here and a touch of over-spending there. Before you know it, you’re a few pounds heavier while your bank account is significantly lighter.
Though there’s nothing wrong with treating yourself, you can run into trouble if you allow these indulgences to overtake your daily spending habits. If you’re struggling to get back into a healthy frame of mind around money, the following tips should help you with your holiday hangover:
1. Seek professional guidance
A little bit of excessive holiday spending can easily drag you into a vicious whirlpool of debt if you don’t take the right steps early on. Your best bet is to research reputable debt solution services in your area before things get out of control.
Not only will your financial advisor help you with your current situation, but they’ll also equip you with the tools and knowledge you need to make better choices going forward. Act quickly, and your holiday spending mistakes could wind up being a net positive since they’ve acted as the catalyst for a powerful and hopefully, long-lasting positive financial change.
2. Get your financial habits in check
One of the sneakiest ways holiday spending can drag you down is the tendency for the orgy of consumption to continue even once the tinsel is packed away and the last peals of carols have faded into blissful quietude. Sure, you no longer have gifts to buy or parties to attend. However, that general sense of being free with your funds can linger in other ways.
If you’re an office worker, perhaps you’re treating yourself to decadent takeaway lunches and dinners. Freelancers might be taking on fewer work assignments as they struggle to get back in the swing of things after taking time off. Take some time to review your spending and earning habits to see if any sneaky vices have crept in. Be honest with yourself, and deploy your best self-discipline strategies to get back into a healthy mindset.
3. Declutter your life
The start of the year is the perfect time to clear your living space of clutter. Facebook’s Marketplace enjoys so much activity that within a day you could’ve sold enough unwanted items to pay off one of your credit cards. In addition to earning you some extra funds to throw at your debt, this activity is incredibly cathartic.
A clutter-free home promotes a clutter-free mind. By bringing order to your home, you’ll go a long way towards helping your brain get back into equilibrium after all that holiday indulgence.
4. Get proactive
Once you’ve deployed the strategies above and you’re nearly clear of your pesky holiday debts, it’s time to put some measures in place to ensure you don’t fall into the same trap next Christmas.
The financial advisor recommended in the first tip will be able to help you with things like savings plans, emergency funds, and investment options. However, you’ll need to take charge of more personal things like planning your Christmas shopping and any corporate gifts you may have to buy for work colleagues. Handle this early in the year, and your bank balance will thank you.
You should never beat yourself up about indulging over the holiday season. Life should be enjoyed, and time with family and friends is priceless. However, humans have a funny habit of taking indulgences too far. If you’ve fallen into this trap, the tips above should help you recalibrate and get on a healthier financial track.
Image Credits: Ilyuza Mingazova