By Gordon Chavez
The holidays are a time of giving, but overspending can leave you stressed when the season ends. Don’t worry—you’re not alone, and recovery is possible. Here’s how to bounce back and prepare for next year.
1. Don’t Beat Yourself Up
Overspending often comes from a desire to be generous, and that’s not something to feel ashamed of. Instead of dwelling on guilt, focus on learning from the experience. Adjust your approach for the future so you can give without straining your finances.
2. Assess the Damage
Start by reviewing your bank and credit card statements from the past few months to get a clear picture of your spending. Create a list of expenses, noting any purchases made with credit cards.
To tackle debt, prioritize payments by interest rate. Pay down high-interest debt first to save on interest charges. If your debt feels overwhelming, consider a debt consolidation loan to reduce monthly payments and simplify management. Once you’ve reviewed your expenses, set realistic adjustments to avoid repeating the cycle next year.
3. Set Clear Goals
Planning for next year can help you stay on track. Create a holiday budget and decide how much you’ll spend overall and per person. Consider making gifts instead of buying them—baking cookies, crafting, or creating photo albums are thoughtful and cost-effective options.
Revisit your regular monthly expenses, such as subscriptions to streaming or other services, to identify areas where you can save. Knowing your financial limits ahead of time can help you avoid post-holiday debt.
4. Find Creative Ways to Earn Extra Money
If you need extra cash to cover holiday spending, consider side gigs. Sell unused items on Facebook Marketplace, Offer Up or Craigslist, drive for ride sharing services, or explore freelance opportunities. Small steps can make a big difference.
Final Tip: Recovery takes time, but every step you take brings you closer to financial stability. Learn from this year, plan ahead, and approach next holiday season with confidence. You’ve got this!
