It’s unfortunately common for families and individuals to feel stressed or overwhelmed after the holidays, and a big reason for this is money. Between gifts, travel
If that sounds like your life right now try following these five tips to ease the fiscal pain during the post-holiday period:
1. Avoid Payday Lenders
If you’re considering borrowing some money to help you through a short-term pinch in the post-holiday period, avoid payday lenders or any loan schemes that seem too good to be true like the plague. The high-interest rates of payday loans can cost you many times over the principal amount by the time the principal is paid off. Instead, opt for modest
2. Go Cash-Only
If the temptation to break out the plastic and add more to your credit card balance is too high, perhaps it’s time to leave them at home next time you hit the mall. It is known that shopping and buying products on credit will often lead to spending more as you cannot physically see or feel the money in use. So, going cash-only when making purchases can be an effective way to stick to avoid putting yourself deeper into the hole.
3. Pick Up a Side Gig
The post-holiday period may be the perfect time to try something new to ear a little extra on the side. It might be driving for Uber, or perhaps you have some specialized knowledge or skills that you can turn into a revenue stream with private tutoring. Alternatively, online marketplaces such as Upwork, Fiverr and the like make it incredibly simple to earn extra income on a freelance basis. This means that you leverage your talents to work as much or as little as you want at times that fit within your lifestyle.
4. Curb Your Enthusiasm
Just as many people start dieting after the gastronomic excesses of the festive season, perhaps a fiscal diet might be equally beneficial. Injecting some simplicity and calm into your life might be just the thing you need to recharge your batteries at this time of year. Avoid expensive such as going to movies and try something free and simple like an evening stroll with a friend or loved one. Rather than dropping coin at your favourite restaurant, whip out the apron and your favourite cookware and get busy in the kitchen preparing a healthy, delicious meal for yourself or the family. A dose of financial minimalism is just the ticket to shave hundreds off your bank statement during the post-holiday period.
5. It Ain’t Over Till Your Sober
We can all be excused for letting our hair down a little over the holidays. However, perhaps now is the time to avoid those vices that are hurting your wallet, as well as your health. Alcohol and tobacco products are not only bad for your body, but overindulgence can blow a Christmas sized hole in your wallet if left unchecked. As the dust settled on the December/January mayhem, cutting down, or eliminating these products from your life can save you a surprising amount of cash.
Don’t let the post-holiday period financial worries bring you crashing back to earth too quickly. Follow through on the tips above that resonate most with you so you can enjoy the new year in peace and financial security.