I Overspent on Christmas. Now What?
November through December can be the most joyous yet most stressful months of the year. You’re visiting relatives, enjoying great food, traveling from party to party and buying gifts for your loved ones. It’s easy to get caught up in the season of giving, and before you know it, you’ve racked up a considerable amount of debt. We get it, you wanted to buy the special people in your life the perfect gift, regardless of what the price tag said. Or maybe it was just too good of a sale to pass up and you didn’t want to miss out. If your holiday spending put you on the naughty list, we have a few ideas of how you can get yourself back on the financial nice list.
Pay off what you can
If you used credit cards for the majority of your purchases, pay those off first -- especially your cards with the highest interest rates. Instead of making the minimum payment on your statement, try to pay off the full amount or pay as much of it as your budget allows. By doing this, you could avoid steep interest charges as well as reduce what you owe in the long run.
Make a budget and stick to it
If you overdid it for the holidays, you may have depleted your budget for the next couple of months. Reevaluate your budget to come up with a plan that won’t push you further into debt. Once you’ve developed your budget, stick to it! It can be tempting to treat yourself once in a while, but avoid that temptation and cut back on any unnecessary spending until you feel that you’re back on track.
Prepare for next year
Once you get your finances back on track, gear up for next year’s holiday expenses by opening a Christmas Club Account (https://www.landmarkcu.com/checking-savings/savings/club-accounts/). Our Christmas Club account makes saving for the holidays even easier. Just have an amount of your choosing deducted from every paycheck each payday and watch your holiday fund grow!
Instead of juggling several high-rate credit card balances, reduce your interest payment by transferring balances from your non-Landmark credit card to a Landmark card. To learn more, visit any of our branch locations.
It’s easy to go overboard on gifts or activities during the holiday season. By sticking to a budget and exploring your options, you can start 2019 off on the right foot. At landmark, we’re here to help you save money, so you more for the things that really matter.