How to get your finances on track after the holidays

Jan 3rd, 2018 | By FCT

The holidays are over and the bills are rolling in. While you were buying thoughtful gifts for family, friends and yourself, of course, you may have gone further over budget than you expected. And now you’re paying the price.

According to a Global News article, “On average, Canadians carry $22,125 in non-mortgage debt, which includes credit cards and many lines of credit…” Whether you conscientiously pay your credit card bills in full every month or pay the minimum monthly balance, dealing with the aftermath of the holiday season can be tough.

Here are 3 tips to help get your finances back on track in 2018:

1. Downsize your budget: While you may have been great at keeping to your budget all year, December is a challenging month for most. To make up for any extra spending, try to cut out all non-essential expenses and luxuries for the next couple of months.

2. Make some more money: We all have things lying around our house that we don’t use – clothes, toys, games, a gift from this Christmas, etc. Why collect junk when you can make a little extra money? Try having a garage sale or selling some things online for a quick cash inflow.

3. Plan for next year: You wrote your holiday list for last year, but leaving it to the last minute means you may have paid full price for gifts. Figure out what you want to buy each person on your list soon, so you can look for it on sale throughout the year.

Do you have any tips for dealing with overspending during the holidays? Share them with us in the comments section!

This is meant to be used as general information only.

One response to “How to get your finances on track after the holidays”

  1. Gary says:

    Have a budget and put as much as you can to debt retirement. It not only reduces expenses in the long term, it saves you a lot of interest, and improves your credit score.

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