The first few months after the holidays is never easy. You’re stuck between juggling your every day bills plus the ones that didn’t get paid from the holidays. On top of feeling stuck, it begins to interfere with everyday life. For example, a work lunch comes up and now you have to wonder how/what card will you put this on or the kids need something for school, so now that cost has to be taken away from your savings. Where does this cycle end? Right here, right now.
Spent too much during the holidays? If you’re done with bills rolling over into the New Year, here’s some ways to quickly pay off holiday debt.
Prepare a Budget
This may sound intimidating, but it doesn’t have to be. If you’re someone who loves to spend, this may be the most useful tool when it comes to getting your finances in order after the holidays. Prepare a budget sheet of your finances and to save even more, you can use your credit union credit card to pay bills and earn cash rewards. This comes in handy when you get that personal spending urge.
Limit Personal Spending
As much as you think you need that cup of coffee from Starbuck’s in the morning, you don’t. Go with the less expensive options like coffee from the break room instead or go the healthy route and stick to water. Also, getting that $10 salad a few times a week for lunch isn’t going to help pay off holiday debt either, packing a lunch for a few weeks won’t hurt!
Look into Getting a Loan from a Credit Union
Some credit unions have loans to pay off holiday debt, TFCU specifically has the Holiday Relief Loan, tailored to paying off holiday debt. For example say you used your non credit union credit card for all your holiday purchases and now it has a high balance along with a super high rate. You keep making payments, but the balance just doesn’t seem to be going down. With the Holiday Relief Loan, you can pay off cards and to make things really easy have a low payment in one place.
Earn Some Extra Cash
The beauty about living in South Florida is that there’s so many ways to earn fast cash. For example, if you really went all out for the holidays maybe trying something like Uber or Lyft can help you to pay off holiday debt quicker. Afraid of driving in South Florida? Don’t worry, no one blames you. If you’re tech savvy and don’t mind freelancing in your spare time websites like UpWork could be your hidden treasure. If that still doesn’t peak your interest, relieve your stress by becoming a dog walker with Wag!.
Hopefully, a lesson was learned this year and that’s to not over spend. No matter how tempting it is, don’t do it because these bills will haunt you. The holidays are meant to be in one month and one month only. Maybe you’ve finally found your New Year’s resolution.