A little holiday splurge is really common. In fact, so common you won’t know what hit you until you count how much you’ve spent! Clothes, shoes, food, gifts, show tickets, more food, gadgets, home appliances… There are lots of things we tend to spend money on during the holidays, sometimes digging into our savings and even worse, going into debt.
Sadly many find themselves in this trap right after the holidays. Here are some tips to get out of debt:
1. Don’t ignore the bills
It might seem like the easiest way to deal with holiday debt is to pretend like it doesn’t exist. The truth is, it does exist and ignoring it will only make it worse.
2. Get a part-time job
If your salary can’t adequately cover your debt, its time to start thinking of getting something else you can add to your job. And thanks to the Internet, there are more opportunities than ever to do just that. If you run a business, its time to start thinking of an expansion.
3. Reduce your monthly spending
Now will be a good time to start reducing the amount of money you spend each month. The holiday have revealed that you are spending above your means, hence your debt position.
4. Don’t add more debt
This is almost like the point I mentioned above, but not exactly. As you reduce your monthly spending, be careful not to add more debts in subsequent months when you get to a more relaxed position with your finances.
5. Give it all you’ve got
Being in debt is never a good thing. It sets you back in so many ways. Try your very best to get out of this rut as soon as possible.
So, did you get into any holiday debt? What did you spend so much on that got you into debt? How are you planning on paying off your debts?
Your tips might just help someone today. Let’s share!