Here are some of my suggestions for you to get back on your financial track and recover from your overspending real quick.
1. Sell. You have to declutter your home with some of your extra stuff, especially those that you won’t be using. You have to make a significant turnaround from your holiday overspending and selling is one of the best ways to do that. Here’s how you do this quick pinch.
- Sort your things out and identify the big stuff that you can dispose of. List them on Craigslist.
- Look through your wardrobe and find out the branded clothings you can sell on eBay.
- Items left unsold on Craigslist or eBay may end up with Kindermint.com or Thredup.com. They may be sold for just $1 but it doesn’t matter. You just need to get rid of these items for an extra cash.
2. Make January a no-spend month. This may sound too difficult to do. But if you give it a try, you will find that it is worth it. Think of it as a decisive way to curb your spending. Don’t buy new clothes just yet. (Remember, in step one you have just gotten rid of your extra stuff.) Eat out everything in your fridge for this whole month. Buy only the necessities. The mount that you save doing the no-spend month may be used to pay out your credit cards.
3. Find additional streams of income. Do some overtime or find a freelance job. You may want to babysit, or offer to take down your neighbor’s Christmas lights for a fee. Other ways to earn side income may include renting out your car or doing a yard sale (if you prefer to do this to the unsold items in step one).
It is a tough job to recover from a blown holiday budget. But these simple steps can get the job done for you real quick. Try them now.