What to do if you've overspent with your credit card this Holiday

Feb 02, 2024

It happens every year to millions of people. Good intentions and then...Oops! They overspent on the Holidays - AGAIN!

This can be so disheartening and set you back months with your money. So what do you do about it? Here are some tips to avoid this in the future:

  • Tip #1: Get rid of your credit cards If you cut them up, then the debt can't grow more or grow back!
  • Tip #2: Decide to change. If you continue to do the same things and expect a different result = insanity.
  • Tip #3: Combat the guilt and shame. Give yourself some grace. We have ALL made mistakes.
    • **Increase income and decrease your expenses** We tend to need a little of both. Think about asking for a raise, getting a second job, and cancelling multiple monthly subscriptions.
  • Tip #4: Use your savings. Do NOT pay interest on your credit card at a rate of 20% when you have the cash in your account to pay it off. It doesn't make sense.
  • Tip #5: Sell something. Did you get a gift from Christmas that you didn't really want or plan to use? Sell it. Take that money and pay off your smallest debt today!
  • Tip #6: Side hustle. Remember, a second job or side hustle is temporary. Maybe it's only for 30 or 90 days. It is not forever.
  • Tip #7: Take back gifts, especially if you purchased one for yourself that you put on a credit card!
  • Tip #8: Set aside money systematically. Saving $100/month will give you $1,200 for Christmas when it comes next December


If you want to start living your Ideal Life and reach Financial Freedom, check out the Ideal Life & Money Academy!