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Getting your finances back on track after the holidays

get back on track

 

That’s a wrap – 2019 is officially done and we welcome 2020!  The festive season is generally filled with a lot of great aspects like taking that well-deserved break, spending time with family and just being festive… with that being said, it does come with a price.

 

The festive season can put a serious dent in your finances. So, we have found some ways of getting your finances back on track!

 

  1. Set Financial Goals

Figure out what it is that you want to accomplish in the new year. Be it paying off debt, paying off your car or buying a house. Whatever it is, create a goal for yourself by creating a budget to help you stick to good financial habits and then reach that goal.

 

  1. Pay Off Debt

If you used a credit card, or even a personal loan during the holidays, it’s important to try to pay that off as soon as possible, because being in debt is not fun and it takes time and commitment to pay it off – lets also not forget the interest that normally gets added each month! Once you have paid it off, close your account or cut up your credit card. It just isn’t worth the stress!

 

  1. Be Frugal

Be careful with your money and how you spend it. Yes, getting home from work and having to prepare dinner can be a mission sometimes, especially after a long day and take-out might seem like the easiest route – but it’s not. It’s wasting money. Only spend money on the things you need, not what you want. This is the easiest way to save money and get back on track.

 

  1. Try Use Cash Only

Literally seeing the money leave your wallet will affect you more than just mindlessly swiping your card. Purely because you can actually see it and keep track of how much money you have left and making sure you are not spending money on the things you don’t need.

Unless you are a guru with your money, it’s one of the quickest ways people get into debt – not monitoring what gets spent using their debit cards.

 

  1. Find Ways To Earn Some Extra Money

Sometimes it’s not enough to just cut down your spending after the holidays. Sometimes, you need to increase your income as well. Find something that you can do on the sidelines that could bring in extra money to just help you that little bit extra.

 

  1. Don’t feel guilty

We all know that the festive season comes around the same time each year. We all know the New Year is filled with new beginnings. The year has passed so dust yourself off, stop dwelling over the fact that you overspent, and just promise yourself to do better next year.

 

  1. Work On A Budget For Next Christmas

As soon as you have gotten your finances on track – start planning for the next holiday season! That way you know throughout the year what you are working towards and how much you’ll need come the next festive season. You’ll be able to save money and make sure that your finances make it out alive afterward and you are not in the same boat as you are in now. Preplanning does wonders for creating good financial habits!

 

While the holidays are supposed to be fun and festive, you shouldn’t have to stress about money to make them fun. Take the measures and tips you need to make sure money is not something you need to stress about.

 

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