The holidays tend to revolve around over-indulging, both at the table and
at the register. If holiday spending has given your finances a black eye,
it is easier than you think to rebuild your
checking and savings accounts to where you want them to be. Reclaim your control over your finances
after the festivities with this advice.
Look at Your Credit Card Balances
If you used credit cards to cover your holiday spending, start your recovery
there. Carrying credit card debt means your spending gets even more expensive,
as interest climbs on your debt. If you spent on more than one card, prioritize
paying off the one with the highest interest rate first, even if that
means only paying the minimum on your other cards. Follow that strategy,
balance by balance, to get your debt down to zero.
Cut Down on Small Expenses
Saving money doesn’t have to be painful, and it doesn’t have
to mean spending all of your time at home. You may be surprised by how
much you can save by cutting out the small expenses that add up to big
costs. For instance, if you make your coffee at home for a month or only
eat lunch out once per week, the few dollars you save each day will make
a big impact on your checking account in a short amount of time. That
money can be diverted to paying off debt or simply rebuilding your savings
that you may have spent on the holidays.
Make a Plan for Next Year
The holidays are always going to require extra money, but you can save
yourself stress—and money—by planning ahead. Decide now what
your holiday budget will be and put a little money aside each month so
that it is waiting for you when next year’s season comes. By saving
now, you won’t have to rely on credit cards or adjust your lifestyle
to foot the bill next time.
savings goals, Westmark Credit Union is here to help, with a range of financial services
designed to help you take control of your money. Contact us today at (208)
523-1071 for more information or learn how to become a member of our credit
union in Idaho.