Refresh Your Budget Now to Recover From Holiday Spending
During the holiday months, there is a terrible habit of sucking every last penny out of your wallet. Now that it’s all over, it’s time to update your budget to fix last year’s deficit and get ready for next year.
As the personal finance blog Money Ning notes, January is a great opportunity to adjust your budget. Most of the big holidays are over (at least until Valentine’s Day), and tax season means you’re probably already eyeing your money from the start. Take this opportunity to investigate the damage from last year’s holiday spending. If possible, also make a plan to proactively address this issue this year.
Next, you will need to create a reliable debt settlement plan, and that starts with revising your budget. You will need to cut down on unnecessary things and invest in your holiday expenses. Be realistic about how much you can invest in payments, but don’t forget about it. Don’t forget that the next holiday season is approaching every month – you need to finish paying those holiday expenses before then.
If you made a mistake and overspend last year, tax season also offers you the chance to get windfall income and solve your debt problem (assuming you get one). However, you will never have more time getting ready for your next vacation season than this month, so get started while you can.
How To Recover From An Exploded Holiday Budget | Ning’s money