Feeling the Pinch After Holiday Spending?
The holiday season may have come and gone, but if you’re starting to feel the strain the came with the holidays, you’re not alone. The joy of gift-giving, travel, and festive meals often leaves us with a financial hangover that can take months to recover from.
Create a Budget
If you went over your holiday budget, you can bounce back by setting a realistic budget for 2025. Look at what you spent over the holidays and how much (if any) was purchased on credit. Prioritize your needs, any outstanding debts you have, and set aside some for your savings account. You’ll be surprised how quickly you can get back into your normal spending habits and patterns.
Cut Back (But Don’t Cut Out) Unnecessary Expenses
January is the perfect time to look at your spending habits and see where you can make cuts—without being too hard on yourself. Cutting out everything that brings you joy can lead to burnout. Instead, aim to reduce unnecessary expenses. For example, if you made morning coffee stops 5 days a week, try reducing those to once or twice a
week. If you order takeout three nights a week, cut that back to once a week. Small dollar purchases can and will add up over time.