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This is time of year when we want to create the best memories for our loved ones. Most times often than not can cost us a pretty penny. Sometimes the size of our household can add to the spending damage as well. Stressing about holiday debt is not how we want to close out this last chapter of the year. The time had come to fully accept that the holiday spending has got us wrapped up in debt. Pun intended. According to CNBC Americans racked up an average of $1,054 of debt over the period, about 5 percent more than last year, according to MagnifyMoney’s annual post-holiday debt survey.
Now there’s no need to be too hard on yourself. After all you wanted to enhance the experience for your family and friends. Sometimes the grander the gestures can have us in grand debt. You are also not alone. We’re all in the same boat. Having a plan of action on your finances will have you smiling for much more.
What would be the holidays without a Christmas miracle? Here’s your guide on how to stay above the curve and get a head start on paying off your holiday debt.
It all starts with prioritizing. Make sure you designate a day to go through all credit card statement and bills. After you have organized all your credit card statements, have them sorted from smallest to largest balance. This level of management allows room for you to start attacking your debt from the bottom up. Making small power moves also known as the debt snowball method. This method allows you to begin with paying off the small balances first, not worrying about the highest interest rate. Doing this will not only help you make some headway in knocking off some debt but will also allow you to celebrate small victories.
If you were to focus on paying off the debt with the highest interest this would be the avalanche method. This method usually saves people money in the long run. I’m a huge fan of the debt snowball method. After you start knocking down the small balances not only will you leave your credit in better standing but it will also relieve you of any anxiety or tension associated with holiday spending. Which helps you to enjoy this special time of year with the people who mean the most to you. For a further debt guide you may want to check out my how to pay off debt fast e-book here.
Sitting down and taking a closer look at your monthly budget and seeing where you can save some extra coins is also another great way to offset your holiday debt. Understanding what key areas in which you can be more cautious in before you become swipe happy will make the difference. Of course we all know that there’s only so much that can be cut from our budget before we have to start thinking of ways we can make more money outside of our main income.
Ideas for ways to make money online:
- Create your own blog Although this is more of a long term game plan. I recommend registering your domain name with Bluehost There are many places you can go to register your domain name, and to choose your hosting. I decided to go with Bluehost. Now I admit when I first put in my credit card information I wasn’t aware that they were going to be charging me for the entire year at once. Which was a little scary, but I gave them a call and was able to switch to only being billed $4.95 a month for one year. Bluehost was super helpful and made the change right away. More tips on starting your blog check out my detailed post here.
- Get paid to take surveys online One way to make extra money is from the comfort of your home by getting paid to fill out surveys. Yes Survey Junkie will pay you to take a survey. I know you’re probably thinking this is too good to be true, but this is a thing why not fill out a survey with Survey Junkie while you’re watching an episode of your favorite t.v. show. So if you’re looking for a way to make money from home I recommend Survey Junkie
- Start your own T-shirt business T-shirts will never go out of style, if you have a great t-shirt idea or quote in mind why not put it on a t-shirt and start making some money just by wearing it and promoting it on your social media platforms? If you need help getting started and figuring out what’s the best fonts to use, the best platform to sell your shirts, and how to design a simple graphic check out this starting your own hands free t-shirt business course.
- Offer the skills you do at 9-5 as a skill outside of your 9-5. If you want to bring in more income and you are happy with your job instead of waiting for you raise maybe you can find clients that are willing to pay you for the exact thing that you’re already doing at your 9-5 I’m sure you have useful skill that people will pay for. And guess what you can set your own hours or project rate, you can set your own schedule, and even choose which clients you want to work with. Once you have your skills and services together use social media to help you promote your business. Instagram is one of my favorite tools and I created a Instagram Organization: Posting with a Purpose Program find out more details here.
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