Happy 2020 Everyone! It’s been awhile since I’ve written for this blog. I feel like January 2020 is a perfect time to share money tips to recover from holiday spending.
Holidays came around the counter and then it was personal life issues but a new year means new resolutions!
Well, if you’ve stumbled upon this blog, hopefully, one of your New Year’s resolutions is to become more financially savvy.
Or at least find new ways to get out of the 9-5.
But first things first, how do you recover from all of the holiday spending!???
Christmas shopping is one of the BIGGEST shopping sprees and if you couldn’t help buying presents for your family, friends, significant other, etc. I don’t blame you.
However, since the holidays are over, it’s now time to get back on track. So you can focus on saving up for your future retirement, vacation, emergency fund (or all of the above).
How do you start?
Pay Off Credit Card Bills in Full
It is so so tempting to let the balance carry over month to month if you felt squeezed after the holiday spending.
But if you have the means to pay off your credit card bill in full, please DO IT.
You don’t want the interest to rack up. Because then it would feel like you’re being punished TWICE for the spending you did during the holidays.
So do yourself a favor and pay off your credit cards in full.
If you can’t, pay more than the minimum balance so you lower the risk of your interest racking up quickly.
Review Budgets and Set Up New Ones
While you slowly recover from the holiday spending, you will need to review budgets for the new year!
Because you may realize the budgets established from last year may not work the same for the new year.
So review the budgets and set up new ones based on what you think will be the spending for the coming year.
If you’re unsure, use the numbers from the last year and then re-adjust in the next month or two.
Start off the year strong with great financial habits!
Review Financial Apps and Leverage New Ones
Financial apps are great, it’s sooo much better than crunching out the numbers by hand and they sometimes help you visualize where your money is going.
But if the apps are only as good as you use them. So if the financial apps you currently use aren’t helping, get rid of them!
It would only confuse you and eat up the space on your computer or phone.
Clarity and Mint helps with budgeting while Personal helps you provide an overall picture of your current financial wealth.
Personal Capital also helps you see the longer term game plan if you’re aiming to purchase a house, save for your kids’ college fund and other long term goals.
Feel free to use other financial apps that work for you as well!
Financial Goals for 2020
Don’t feel too guilty about spending during the holidays because now you can get back on track for the rest of the year!
What are YOUR financial goals for 2020? Are there any other apps that you use to help stay on track financially?
Share your thoughts below!