1. Assess your new debt
Credit cards are often the most popular payment method during the holidays.
If you were one of these shoppers, it’s important to review your newly acquired debt and craft a payoff plan.
2. Review potential gift returns
Instead of holding onto the vintage calendar your neighbor gave you, use the gift receipt to exchange it for something you really need. This is a great way
to save money on planned purchases because you won’t have to dip into
your savings or contribute more to your current credit card debt.
3. Send in rebates
Sometimes, big ticket items like computers, televisions and music systems are sold with a rebate offer during
the holiday season. Make sure to take advantage of these offers, as this could provide extra cash to pay off debt.
4. Shop post-holiday sales
The best time to purchase holiday decor, fitness equipment and open-box electronics is right after the holidays. If you buy these items on sale now, you won’t have to pay full price next year, which helps save money. Win, win.
5. Set short-term money goals
Try setting three-month budget goals to help you stay focused. Track all of your expenses and create a realistic spending plan. Cut back on non-necessities, like entertainment and dining out, and put those funds toward paying off your debt instead.