After the holidays: Hardcore ways to get your budget back on track |
The holidays can be a delightful time—full of traditions, loved ones, and moments you want to make special. Between gifts, gatherings, and seasonal events, holiday spending can add up fast.
And if your bank account took a hit—or you went over your budget—try not to be too hard on yourself. It happens, and it’s absolutely possible to bounce back. You can learn to manage financial setbacks, including holiday overspending, one step at a time.
Ready to take steps to recover? Freedom Debt Relief shares a few hardcore ways to get your budget back on track after the holidays.
Key Takeaways:
If you took on some holiday shopping debt, a great way to get back on track is to commit to a no-spend month. A no-spend month is a budgeting challenge where you only spend on essential bills and expenses. For example, rent or mortgage payments, utilities, groceries, gas, and monthly debt repayments.
Many people decide to try a no-spend challenge at the start of the new year. This can be a great way to pay yourself back for any overspending during the holidays. The money you save by side-stepping impulse purchases could also help you build an emergency savings fund.
If you’re worried that your online shopping habits may undermine your financial goals, adding a few barriers could........