You are not along if you are struggling to bring your financial life back in order after the holiday season. It is very common to let yourself loose on the financial front during this time. However, it is not too late. You can very well cure your financial hangover by following these 6 simple tips. So, wake up and start acting towards building a better financial future.
1. Plan a suitable budget to save more
It is not a new concept that budgeting is the key for any financial planning. However, you should try to plan a new budget in the beginning of the year keeping in mind the financial goals you want to achieve by the end of the year. So, sit down with your bills and financial papers and plan out a suitable budget.
2. Try to organize your financial life in a better way
It will benefit you if you organize your financial life. Make a list of your bill payments with dates so that you don’t forget the dates. This will help you avoid paying late fees. Also, make a note where you are exceeding your budget (if any) so that you can make it up by reducing the amount you allocated in other items. This will help you save the required amount.
3. Consider returning some items you do not want
You can check the items you had bought to find whether or not you really need them. You may find some items which you do not require at present and had bought impulsively. You can return these items and get your money returned to your credit card account if you had used your credit cards to purchase. This way, you can reduce your credit card bills to some extent. You can also get cash back if you had purchased with cash. However, before returning the items, check out the return policy of the stores.
4. Try out some hobby instead of going for shopping
Many of you go for shopping in your leisure time. In this first month of the year, try out some activities which you enjoy instead of going for shopping. The stores might be enticing you with ‘January Sales’ tags, but stay away if you want to improve you financial life.
5. Find out a strategy to come out of debt
It is quite obvious that you will have to struggle with paying your credit card bills if you have used your credit cards to make purchases during the holiday season. You can try debt snowball or debt avalanche strategy to pay back your credit card bills on your own. However, start it today and stay motivated to stick to it until you pay the last cent. Once you see the results yourself, it won’t be hard to repay the entire amount.
6. Try to earn some extra amount this season
One of the best ways to boost your financial life is to earn some extra every month. So, try to do some part-time work or some kind of work from home job in order to save more this year. You can do a job which you enjoy so that you can utilize your leisure time fruitfully.
You can motivate yourself to bring your financial life back in order, that is, to repay your credit card debts and saving more, by gifting yourself something once you achieve your target. So, if you are thinking to buy an expensive item, start saving money for that and include that in your budget. You can buy it once you are out of debt and have saved the required amount. This way, you enjoyment will double once you buy it and your financial life will be in order, too.
With proper help you can
- Lower your monthly payments
- Reduce credit card interest rates
- Waive late fees
- Reduce collection calls
- Avoid bankruptcy
- Have only one monthly payment