Ska Bora Moreki was one popular song this festive, where people spent so much money to impress others. Now that the Christmas and holiday splendor has settled down, many are looking at their bank statements and credit card bills with wide eyes. It’s all too easy to go overboard during the holidays. Having said that though, the following tips will help you to recover.
1. Commit To A No Spend January
It may be hard but it’s totally worth it. Basically, the idea is that you cut frivolous spending (no fast food, home décor buys, clothes, etc), and eat out of your pantry, fridge, and freezer for the entire month. You can give yourself P200 a week to spend on milk, eggs, bread, and other fresh necessities at the grocery store.
2. Earn Income On The Side
If you are blessed with an open-ended jobs, do overtime anytime the opportunity arises. There are so many ideas out there, so if you need extra money, be creative. Perhaps you can ask your employer for overtime opportunities, or take on a small babysitting position.
3. Leave Home Without Cash.
Stash those nasty credit cards and wallet in a safe place. Leave them at home, stop using the credit cards until you get everything paid off. If you just can’t stand not having a credit card with you, take just one for emergencies and leave the rest at home.
4. Step Away From The Sales
Avoid the temptation to start your New Year out with another spending spree. Those post-holiday sales can be tempting, often with deep discounts, but don’t do it! Stay focused on your goal, don’t get yourself deeper in debt.
5. Plan For The New Year
Avoid falling into the same mess next year, plan for the coming holidays, you have 11 months to do it. A great idea is to set up a separate “Holiday Spending” account for this year. Beginning now, make small deposits each pay period. If you keep this up and keep to your debt reduction plan, you will be able to recover from your holiday spending hangover.
