Reset The Season

Reset The Season

If you went above and beyond this holiday season, we don’t blame you. This year, everyone needed a bit of a pick-me-up. Now that the spending is over, it’s time to strap back down. Here’s how to recover from that holiday spending binge.

Sort Things Out

First things first figure out exactly how much you owe. Go through your most recent credit union, bank and credit card statements to get a clear picture of what you’re dealing with.

Take a Breath

Perhaps, after you comb through your statements, you find that you went way overboard with holiday spending. Try not to beat yourself up about it. This too shall pass. Instead of shaming yourself, focus on your plan of action. And decide what you can do now to prevent it from happening again next year.

Pay Down Debt

If you turned to credit cards during the holiday season, tackle them first. You’ll want to pay down the debt on the card with the highest interest first, then work your way down. (We call this the avalanche.) As USA Today notes, if you have debt spread across several cards, you might want to consider transferring the debt to a single card and pay that down. You want to transfer the debt onto a card with low, or zero percent interest for at least 12 months. This will allow you time to dig yourself out of debt without worrying about interest piling up.

Build Your Account Back

Once you’ve sorted through your credit card debt, rebuild your depleted savings account. If you need to do so slowly, that’s fine. You’ll be most successful if you schedule automatic transfers from checking into savings every time you get paid. (The automatic part is insurance that the money will actually make the move.) The important thing is that you get it back to the place it was prior to your holiday spending spree.

Articles
Giving Time
Giving Time

The pandemic has reshaped many things in our lives, including holiday tipping. This year, if you have the means, you might want t...

Read More

Layaway Knowhow
Layaway Knowhow

The holiday season is fast approaching. It’s almost time to start checking that list (twice, of course). And when you do, you mig...

Read More

Holiday shopping is going to look different this year
Holiday shopping is going to look different this year

With so many facing financial insecurities right now, coupled with worries about their health related to the global pandemic, its...

Read More

Saving Money Amid Covid-19
Saving Money Amid Covid-19

...

Read More

‘Tis the season for financially-focused gifts
‘Tis the season for financially-focused gifts

It may seem simple, but sharing financial lessons in fun ways with your family and friends can help lead to a lifetime of better ...

Read More

Buy Big
Buy Big

A simple way to keep your budget as tight as possible is to buy items in bulk. This doesn’t mean you have to run out and buy a Co...

Read More

Five strategies to keep holiday spending under control
Five strategies to keep holiday spending under control

For the last eight months, many of us have spent less money and much less time with family and friends because of the COVID-19 gl...

Read More

The Long Haul
The Long Haul

If you’ve lost employment due to the coronavirus, the time is now to plan for this to be a long-term problem. That’s not us being...

Read More

App Wise
App Wise

Budgeting apps can be a great way to keep your finances in check. Everything you need from bill due dates to expenses to savings...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.