Soon you’ll be opening your first credit card bill from your holiday spending spree. If you overspent this year it may take more than aspirin to recover from this indulgence. According to reports from American Debt Consolidation roughly 37% of debt in America comes from credit cards.
First step to recovery
The first step to recovery is to step away from the denial and face your debt. Next experts suggest if you want to tackle what you owe on your credit cards…..pay off the ones with the highest interest rate first. They also encourage the consumer to always pay more than the minimum that is required. Finally, be brave and cut up your credit cards! Refraining from credit card usage will ensure your debt doesn’t increase or remain the same as you continue to charge.
Impulse shopping can also kill your budget. Just because an item is on sale doesn’t mean that you must buy it today. There will always be another sale whether in the store or on-line. The options to find a bargain are limitless. If you don’t have the cash….don‘t go shopping!
Money saving options
Finding activities that are low cost or free in your community just takes an attitude adjustment in your thinking. For frugal entertainment rediscover your library. They have extensive music and DVD collections for all ages and interests. Children and teens alike can be kept busy with the latest books, craft projects and story hours.
Community colleges are great resources for affordable non-credit classes that boost your knowledge without depleting your bank account. You could take a cooking class to learn how to stretch your dollar while increasing your nutrition. If fashion is your passion take a jewelry or sewing class. You will find a multitude of choices in the college catalog from photography to languages. There will be something for everyone to try or discover that can enrich your life.
Some families are using Swap.com to recycle items they have grown tired of or found after cleaning out their closets. This website allows you to trade books, CD’s, DVD’s, apparel, electronics and even unused gift cards. It’s a great way to network and find items you may want or need. You are only responsible for the shipping cost.
Even your weekends can still be fun and frugal. Just visit your city’s tourism website for “Staycation” ideas. Tourism sites of your city or state offer inexpensive festivals, events and free entertainment. So as you get ready to set your goals for the New Year plan ways to increase your activity while you decrease your spending.