Suffering from a holiday (spending) hangover? You’re not alone! It’s not uncommon to go over budget in November and December, thanks to that unexpected gift exchange, an extra guest at a holiday meal, or other little things here and there that added up.
Now that you know you’re in good company, it’s time to deal with that hangover, and get your finances back in order.
First thing’s first – figure out where and how you did your spending. The where will help you determine what sort of saving you need to do before the next holiday season comes around. The how will tell you what sort of repayment plan you need to set up.
Did you use a small personal loan to fund a family vacation? Or maybe most of your spending was on credit cards. No worries! Make a list of your balances and the interest on each.
If you’ve got a lot of high-interest credit card debt, you may be able to consolidate all of it to a single low-rate card and enjoy lower monthly payments. Right now, Xceed’s offering an introductory 4.99% APR1 for 12 months with no balance transfer fee when you make your balance transfer by February 28, 2018. After that, you’ll still enjoy a low variable rate, currently 9.99% - 18% APR.
Once you’ve determined how much you’ll need to pay each month, take a look at your finances. Can you afford the payment amount with your current income? If not, it’s time to start hustling! If you’re not anticipating a raise or bonus at work anytime soon, or you’ve got a non-traditional gig, now’s the time to look into other methods of income. Whether it’s driving for a rideshare service, holding a garage sale, or working for a service like TaskRabbit, the extra income can help offset your debt and get you back in the right lane.
Once your debt’s paid off, you might even keep your side hustle as a way to save up some extra cash for other expenses, and keep your regular income to cover living expenses and build up your long term savings.
Finally, take some time to review your spending habits over the holiday season. Consider where you can cut back next time, and where you’ll likely want to spend again, and start setting aside small amounts now (like from a few hours working your side-gig), so that you don’t suffer a holiday hangover again in 2019.
1APR = Annual Percentage Rate. The introductory APR will apply to balance transfers posted to your account from 1/1/18 to 2/28/18. Offer available to both existing and new credit card accounts. If you take advantage of this offer, please note you will lose the grace period on new purchases made with your Xceed Financial Platinum Visa® credit card if you do not pay the entire statement balance, including the amount subject to the promotional APR, by the payment due date. New credit card applications must be submitted by 2/15/18 to meet the balance transfer deadline of 2/28/18. New credit card accounts are subject to credit qualifications and approval. Actual rates and loan limits are based on applicants’ credit score and verifiable income. Xceed Financial loan limits and underwriting guidelines will be followed. The current, standard (non-introductory) variable APR for purchases, balance transfers, and cash advances for new accounts is either 9.99%, 11.99%, or 17.99% for Visa® Platinum Cards (no rewards) and either 14.99%, 15.99%, or 18.00% for Visa® Platinum Rewards Cards, based on your creditworthiness, and are effective as of 8/23/17. In addition to the balance transfer fee, the following additional finance charges may apply, depending on the type of transaction: For cash advance transactions - a Cash Advance Fee - Domestic of $10 or 3% of the cash advance amount, whichever is greater or a Cash Advance Fee - Foreign of $10 or 4% of the foreign cash advance amount, whichever is greater; for foreign purchase transactions - a Foreign Transaction Fee - Purchases of 1% of each foreign transaction (in U.S. dollars). If you are charged interest, the charge will be no less than $1.00. Other terms and conditions apply. Programs, rates, terms and conditions subject to change at any time. Ask an associate for details.