Some say the January is the worst. Christmas is over, your summer tan is long gone, and you bank account has been sufficiently depleted. Weeks into the New Year, there is still time to make (or keep) your resolution to save money. Spending less and saving more was one of the top three New Year’s Resolutions of 2015. However, trying to save money after spending so much on the Holidays can seem daunting.
Here are a few quick tips to help you start 2016 off right.
1) Take Stock of Your Spending
Before you start to make a savings plan, examine your expenses from the holidays. Take a look at how much you spent and charged to credit cards. Be sure to categorize the areas in which you spent money, such as entertainment, gifts, and food/drink. Not only will this give you a better idea of what you spent money on, but it also reacquaints you with your accounts and gives you a great starting point for rebuilding your savings.
2) Make a Game Plan to Tackle Debt
You are not the only one who is dealing with the New Year debt blues. However, if you want to eliminate debt quickly, you’ll need a plan. You should aim to pay off the debt on your credit cards within a few months. There are a few strategies that you can use to motivate yourself: First, pay off the card with the lowest balance on it or pay off the card with the highest interest rate. Try using our financial calculator to help you come up with a plan or contact a consultant for help. First Choice CU has a skilled staff that can assist you in digging yourself out of the Holiday Hole.
3) Make a Budget and Stick to it
Categorize your needs and tighten your purse strings if you are serious about getting out of holiday debt fast. Make a budget that works for you factoring in how much of your debt you should be paying and stick to it. If you are finding that it’s hard to stay within your budget, set yourself a dollar amount and use cash. Once the cash is gone, then you have reached your spending limit.
Just like with any New Year’s resolution, there is no “one size fits all” solution. If you have any questions about saving or how to get out of debt it is usually best to ask a professional. Our representatives are available to assist you with all your financial needs. Although trying to save after the holidays can seem hard, we can help point you in the right direction to get your 2016 off to a great start.
