The holiday season provides ample opportunities to take on excess debt.   It can be all too easy to get carried away with purchasing the perfect gifts or buying the right décor or tickets to special events.  When January comes, many find themselves with significantly less savings and holding credit cards bills which make them cringe.  While it can be disheartening to see the damage, it is possible to recover from overspending after the holidays.

Face the Facts

The first step to take is to get an accurate picture of how much you have overspent.  Once you know the figure examine the purchases which brought you to that total.  Were some of these routine expenses which you had to charge because you lacked funds?  Were they mostly due to holiday costs?  The more you know about the amount and how you got to this point the more you can do to prevent similar patterns in the future.

Make a Plan

In order to tackle your holiday debt, you have to know what resources are going to be available.  By creating a detailed and thorough budget, you can fully consider your income, expenses, savings, and anticipated household expenditures.  Identify extra money you can devote to reducing your debt and map out how long it will take to repay.

Be Consistent 

Much like being on a diet, living according to a budget is all about sticking to it over the long-term.  If you are inconsistent in your debt repayment and savings, you could easily find yourself in worse shape than when you began.  Commit to your plan and remain constant.

Look for Ways to Save

Overspending during the holidays can mean carrying so much debt that you will not be able to get caught up without extra income or cost-saving measures.  Examine your expenses and evaluate whether you can do anything to have more money left over each month.  For instance, if you have a monthly gym membership and don’t use the facility you could cancel it in favor of a walking program and apply the savings to debt or savings.



While many of us have spent more than intended over the holidays, with sound planning it is possible to recover.  However, sometimes holiday spending is part of a more substantial debt burden which has become too difficult to manage. If you need help understanding your debt management options we can help. Please contact us online or by phone if we may be of assistance.  http://bestmichiganlawyer.com/contact-us