Recover from Your Festive Finances Getting Out of Control

The holidays are often expensive. They don’t have to be, but it wouldn’t be the same if you didn’t buy everyone gifts, make a delicious meal and hang some decorations. Even when you do it on a budget, it can’t be hard to keep your spending to a minimum. The most sensible thing is to have a set amount that you’ll allow yourself to spend. Include any costs, from travel to gifts. However, you can still end up going over your budget, and then you enter January feeling poor. If you accidentally overspend in December, here’s how you can get back on your feet in the new year.

Reduce Your Spending

Lowering your spending will obviously help you to feel a little more comfortable after the holidays. You’ll have a bit more to put away or perhaps to pay off any debts you racked up during December. Of course, sometimes you’ll have no choice but to start spending less if you want to survive the month. You can start by looking for coupons and codes at DontPayFull.com, which will help you save on all kinds of items. Consider committing to only spending money on essential things. Make a promise to yourself that it’s ok to buy food, but you’ll give that new purse a miss until February.

Boost Your Income

A little extra money can go a long way when you’re having a tough month. There are a few ways you might be able to boost your income a little in January. If you’re able to, you can work some overtime or even take on a casual job or a few odd jobs. Alternatively, you can think about what you might be able to sell. Perhaps you have some unwanted gifts that you can sell on or return if you have the receipts for them. You could also have some clothes, books or other items that you don’t need anymore. Why wait until spring to have a clearout?

Focus on Your Debts First

Don’t neglect to pay off your debts just because you’ve overspent at Christmas. In fact, if you used your credit cards to pay for various holiday expenses, it’s even more important that you work on paying them off. You might be having a tough month financially, but if you don’t keep up with payments, you could find that the next few months aren’t much better.

Start Getting Ready for Next Christmas

If you don’t want to end up overspending against in 12 months, it’s best to start preparing as soon as possible. Firstly, if you had a budget set before and you still went over it, it might be a good idea to reconsider it. Maybe it wasn’t enough, and you should have set more aside. Create a savings plan now so that by the time the holidays arrive, you’ll have enough saved. You can find an example plan at whatmommydoes.com. Or maybe you’re going to try to spread some of your spending across the year. January is a great time to buy discounted ornaments.

Don’t worry if you overdo it this Christmas. You can get back on your feet in the new year and be more prepared next time.