How to bounce back after festive season spending

Every year we promise to not overspend during the festive season with the noblest of intentions, but as they say the road to hell is paved with good intentions.

Come January and you find yourself in the middle of a financial fiasco, there are a few steps you can take to correct the situation:

• Review your festive spending.

• Create a plan to tackle your debt.

• Do not try and pay the minimum on your credit cards but try and repay it within a month or two.

• Take a bigger share of your first few paychecks to pay towards debt.

• Set up automated payments as this will automatically discipline you.

• Develop a support network. More people will find themselves in your position and it will help to share your goals, motivate each other and share tips.

• If you are really struggling, seek professional help.

• Once you are out of your debt rut, start saving for the next festive season.

Do you perhaps have more information pertaining to this story? Email us at roodepoortrecord@caxton.co.za (remember to include your contact details) or phone us on 011 955 1130.

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