Pay Off Holiday Debt Faster
It’s no secret that the Holidays can be the most expensive time of the year. It can be lots of fun too with different parties to attend, gift giving, and family dinners. It seems everything has a cost, no matter how small. Even the little things like a small hostess gift and themed napkins at home can easily add up.
Nearly half of all Canadians are drowning in debt as per a recent article reported by BNN Bloomberg October 2019. You may feel that you fall into this category once the holidays are over. You may have even felt like this before the holidays even started. If you leave this debt unchecked, it can hang around all year, even into the next holiday season.
It’s in everyone’s best interest to pay off Holiday debt right away in the New Year. Don’t let your debt get out of control. Below are some guidelines on how you can eliminate your Holiday debt and get your finances in control.
Making a Game Plan
If you want to pay your debt off, you’re going to need to strategize.
The most crucial part of your game plan? Avoiding more debt while paying off old debt. It will be impossible to make progress if you’re continuously adding more money (and interest!) to the pile.
Good tip: Put the credit card away until you’ve hit your goals.
Remember, what is done is done. If you realize now that you overspent, then reflect and take notes on how to address gift giving going forward. Maybe consider a more realistic budget amount for next year and put savings away for this goal.
Did the Holidays put your finances in a tough place? Do you need help creating a game plan to get you out of debt? Contact us and we’d be happy to assist!