10 Tips For Facing Holiday Bills

The Christmas season can bring an incredible amount of financial stress. We don't want financial limitations to put a damper on your celebrations, but on the other hand, we don't want to face astronomical credit card bills in the New Year. If you've already thrown caution to the wind and spent to your heart's content, it's okay. What's done is done. But now we have to face those bills. Here are ten tips for facing holiday bills.

1. Don't Procrastinate

- No matter how bad you think it might be, do not put it off. Log in to your online accounts and assess the damage. You need to know where you stand and how far you need to climb to get back where you were pre-holidays. It’s like taking off a Band-Aid. The faster you do it, the less pain there is.

2. Be Prepared To Cut Back

- Prepare yourself mentally to live on less than have been. Start to think about what expenses you can cut back on so you can maximize your payments.

3. Prepare A Budget

- With your list of expenses you can cut down on, create a budget that allows for larger payments towards your credit card debt. Make sure your budget is realistic and manageable.

4. Discuss Openly With Your Spouse

- If you share your finances with someone, make sure you both talk about it openly. Don't lay blame. Financial stress is one of the leading cause of relationship failures. Find ways together to move financially forward.

5. Get On The Same Page With Your Spouse

- It's incredibly important that you and your spouse are on the same page when it comes to finances. Make sure you are both pulling in the same direction because nothing is more frustrating than when one partner is spending recklessly when you're trying to save.

6. Create A Plan Of Attack

- Decide whether you will use the snowball method or the avalanche method and organize your debts accordingly. Decide how much you can afford to throw at your debt and make sure your repayment path is as clear as possible.

7. Set Goals

- Goals need to be challenging, yet attainable. They should also be clear and measurable. It's the many small successes that lead to a major victory.

8. Use Your Smart Tech To Help

- Your smartphone or tablet has the technology to help you maximize your chances of financial success. Check out some financial apps to help you along with your financial plans.

9. Check Your Gifts For Possible Rebates Or Returns

- You don't have to keep everything you were given for Christmas. You might have a fair amount of money waiting on rebates. Any money you earn this way can be applied directly to your holiday debt. If you have gift cards that you know you won't use, or you would prefer to have the money to help pay down some of the holiday bills, consider selling them.

10. Get A Credit Builder Loan

- If your holiday bill repayments are having a negative impact on your credit score, consider a credit builder loan. It is one of the most effective methods at helping people build their credit score. It doesn't require any money up-front and leaves you with a chunk of money at the end.

These tips will set you well on your way to reducing the damage the holidays did. Just make sure you stay on that path and keep the end goal in sight.

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