The holiday months have a terrible habit of sucking every last dime out of your wallet. Now that it’s over, it’s the perfect time to update your budget to fix last year’s shortfalls, and prepare for next year.
Bauble on money image via Shutterstock
As personal finance blog Money Ning points out, January is a perfect opportunity to readjust your budget. Most of the big holidays are done (until Valentine’s Day, anyway), and the beginning of the year is one of the best times to set new goals, even if they are quarterly ones. Take this opportunity to examine the damage from last year’s holiday spending. If possible, also make a plan to tackle it proactively this year.
Next, you’ll need to create a solid plan to pay off debts and that starts with revising your budget. You’ll need to cut back in any non-essentials and put cash towards paying off your holiday spending. Be realistic about how much you can put toward payments but also commit to it. Don’t forget that the next holiday season is creeping up with every passing month — you want to be done with paying off this holiday’s spending before then.
You’ll never have more time to prepare for the next holiday season than you do this month, so get started while you can.
How To Recover From A Blown Holiday Budget [Money Ning]