While December may be filled with sugarplums, friends and family, and all the joy of the holiday season, January often hits with a big, fat credit card bill.
Overspending around the holidays is incredibly common. In fact, the “seasonal spending crush” now goes right from the end of August to the start of January. Even the price of gas goes up during this time!
If you have found yourself crushed under the weight of debt, you’re going to need to modify your spending and budgeting habits to make sure that you can get out from under your debt before it swallows you hole.
3 ways to help you get back on your feet after holiday spending:
Once you’ve sorted and sat with your holiday gifts and purchases, it’s time to consider if you have any duplicates, unused items or things you’re willing to part with. January is a great time to purge things and start selling unused items to help build up your depleted cash reserves. You can choose to sell things on consignment, such as clothes or specialty items, or use eBay. For larger items, use a local classified or online service to advertise your items.
When you’re considering what to part with, ask yourself when was the last time you used it. If you haven’t touched it in 12 months (for seasonal items) and 6 months (for non-seasonal items), it’s a safe bet that you won’t need it again. The only time this doesn’t apply is for truly sentimental items.
Make more money
If you have the time and resources, you may benefit from taking on a part-time job. Sometimes people are lucky enough to turn their hobbies (such as gardening or spending with animals) into a part time job at a nursery or pet store.
If you have kids or can’t be away from home more than you already are, you can also consider doing online freelance work. Fields such as customer service, website design, and administrative work can be done in a freelance, part-time capacity. However, it’s important to make sure you aren’t being scammed and to not agree to do lots of work on the promise of money, unless it’s through a reputable site.
If you need more money in a jiffy, you can also apply for a personal loan or cash advance through a company like https://kingofkash.com, which can provide you with a quick way to pay some bills and get a bit more breathing room.
You would be amazed at all the little ways our money slips away from us without our noticing. Lunches out, coffees, a shirt here, a kitchen gadget there, they all seem like small enough amounts until you start to add them up. If you sit down and go through your monthly spending, you may be surprised to find that a lot of your money is going to frivolous or unnecessary purchases. Curb that spending and you may find that you have more cash to pay down your debt while still keeping your bills under control.