- Auto Finance
- How the Online Loan Saved My Life!
- Fitch Says Prime Losses Down But Issues Words of Caution
- Experian Shares Latest Auto Loan Trends, Top Lenders
- Cards Credit & Debit
- Speedy Cash Advance and Pawn
- Credit Card Fee Increases
- 5 Ways to Crush Your Credit Card Debt
- Finance - Auto
- Payday Loan Store
- Auto Finance: Watch Out for These Dealer Scams
- Experian Shares Latest Auto Loan Trends, Top Lenders
- Finance - Business
- RiskChat: What is Risk Intelligence?
- What is a Bank Term Loan
- Why Working Capital
- Finance - Personal
- 21 Ways to Cut Expenses in Retirement
- Here is a Method to Use Payday Loans to Your Advantage
- Personal Loans
- Financial Calculators
- Money 101 A Guide to Gaining Control
- What is a Mortgage Calculator?
- 3 Ways to Use a Mortgage Calculator
- Insurance
- After Profitable 2009, Reinsurers Face Pricing Pressure from Primary Insurers
- Take an Example From this Woman Without Health Insurance
- Do You Need Disability Insurance?
- News and Press Releases
- Payday Lenders - New Landscape to Deal With
- Payday Loan Debt Trap
- Industry preys on Alabamians
- Pawnbroker - Pawnshop
- Pawnbroker History and How it works
- Speedy Cash Advance and Pawn
- Speedy Cash Payday Loans
- Personal Credit
- Credit Card Fee Increases
- Payday Loans challenge Online Installment Loans
- 9 Bills You Can Save Money On
- Personal Insurance
- Do You Need Pet Insurance
- Do You Need Disability Insurance?
- Is Your Insurance Agent a Facebook Friend
- Reference Library Finance and Loans
- What You Need for an Advance Till Payday
- Payday Loans: How do they work
- Don't Limit Payday Lending, Promote Responsible Lending Instead
Managing Bills After The Holidays
Published: 06/03/2010
Managing Bills After The Holidays
The holidays are a double-edged sword for most consumers, offering months of warm seasonal cheer and family togetherness, and culminating in a day, or several days, of exciting gift exchange. But after the new year, all those holiday presents and indulgences will need to be paid for, which can lead to months of difficult financial choices. And this year will be more difficult than ever for some following the rough period of the American economy. Those who set aside a budget in advance for their holiday expenses might not have quite as much to worry about, but those who overspent or placed their purchases on credit may quickly become overwhelmed.
In order to avoid post-holiday financial stress, approach the first few months of the new year with a concrete strategy and plenty of support. This article will offer several suggestions for how to prepare and take action to fight the financial woes of the after-holiday season.
Take a Deep Breath
Accept the reality of the situation. Your holiday repayment may be a small amount or an overwhelming one, but the amount of stress it causes you and your family will depend entirely on your financial situation and your management plan. Start by evaluating how much you will owe and how much you can afford to pay off in the least amount of time. After all, the faster the payoff, the sooner the financial burden will be lifted. But be realistic—don’t promise to pay more than you can afford to while still providing for yourself and your family.
Cut Unnecessary Expenses
For the first few months of the coming year, make paying off your outstanding holiday debt a first priority. That not only means giving repayment a front seat in your monthly budget, but taking a realistic look at your other expenses and making some adjustments. What bills must be paid? What items are essential to everyday living and what items can be eliminated or scaled back to discount or bulk brands for savings? Can television, cell phone, or Internet subscriptions be cut back or have optional features eliminated? Identify any possible area for savings, even if only by a few cents. Those cents will add up in the long run.
Stay on Track
Mark a calendar for every due date and place it where you will be reminded regularly. If possible, enroll in any available automatic deduction plans just to be sure that your payments are never late, thus incurring possibly heavy late fees. Pay off credit cards by focusing on one at a time, starting with the card with the lowest balance.
Consider a Second Job
Even the most carefully planned debt reduction strategy sometimes needs additional help. If you find yourself struggling to stay comfortable and make regularly monthly credit card payments, consider a small part-time second source of income. Even just a few hours a week of additional income will add up to a very helpful sum by the time it is applied to your current monthly payment plan.
Want more tips on how to craft a budget, manage your spending, or get back in control of your personal finances? Check `n Go can help. A leader in the payday loan industry, Check `n Go offers hundreds of tips and suggestions for frugal living and successful money management in the planning section of Checkngo.com.
