Here’s how you handle post holiday debt

Each year we all promise to do things different where the holidays are concerned. Some people say they will buy their gifts early so that they are ready long before the holiday season where others use things such as law away to help pay off the gifts in a timely manner. In reality though, as the holiday season comes upon us, more people find that they end up buying their gifts at the last minute and they generally end up paying for those last minute gifts with their credit cards.

So how do you handle post holiday debt when they holidays are done with? It would be nice if we all included the holidays into our yearly budget as then you would have the cash put aside to cover these expenses but that isn’t possible for most people. Therefore these are some tips to help you handle the post holiday debt if you fall into the majority.

1. Set a holiday budget and stick to it.

You can be sure that you have a good idea of what you want to buy for the holidays for each person on your list, so set a spending limit and budget things out. This will help you to not go over your spending limit and spend money that you really do not have.

2. Look for coupons and sales.

There are plenty of manufactures that offer deals certain times of the year such as black Friday. This is the day after Thanksgiving. If you are not into fighting the large crowds then you may want to utilize coupons and other special sales days. If you buy your gifts throughout the year with coupons and special sales promotions, you can save up to 50% on your shopping.

3. Plan for the extra bills.

You can utilize such things as holiday savings accounts and Christmas bonuses to help you do your shopping. If you set aside a certain amount of money to help with the extra expenses, the holiday’s wont seems so rough. You have to have a backup plan if you do not have the extra holiday cash. If you find that the extra bills are too much to handle, you may want to look into something such as debt consolidation.

4. Pick and choose how you pay off the credit cards.

I can be very beneficial if you pay off the credit cards with the highest interest first so that you save yourself money in the long run. You need to look at what cards have the highest interest rates and the worst late fees. This can help you make a plan of attack on those holiday bills and work them down one by one.

5. Debt Consolidation

When the mountain of bills gets too high, you can opt to consolidate all your loans into one large loan under a fixed monthly rate. Although you will have to lengthen your loan period, you will be able to get away with paying a lower fixed monthly rate. Once you finally save enough, you can pay off your loans in one lump sum. This situation is ideal for people with a lot of bills to pay and manage.Battling the holiday bill blues does not have to be difficult. By following some of the tips above you will find that you are sailing through the holidays with ease and when they roll around next year, you will be well ahead of the game.