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The Post-Holiday Budget Recovery GuideBy MSGCU on 1/22/2024


You survived the holidays, but did you go over budget to do so? Next year can be different with our guide for post-holiday spending recovery.

Review your holiday spending

How much debt did this season’s spending set you back? Spend some time crunching the numbers so you have a better idea of what kind of recovery steps you need to take.

Choose your recovery process

If you have multiple credit card balances to pay off, you may want to consolidate your debt There are a few ways to do this, such as taking out a personal/unsecured loan and then using the funds to pay off your credit card debt, transferring high-interest balances to a lower fixed-rate credit card like the MSGCU Classic or Titanium Visa, or considering using equity in your home or even vehicle to refinance. You’ll have just a single, low interest payment to make each month. MSGCU can help walk you through solutions based on your unique situation.

Another option is to pay off one credit card bill at a time, maximizing payments on the bill that has the highest balance, or the one with the highest interest rate, until it’s completely paid off. Once you’ve crossed one debt off your list, move on to the next until you’re debt-free. See more about smashing credit card debt in this past post.

Contact us or visit a branch to speak with our team about which option may be best for you.

Trim your budget

It may be time to cut your budget down to a more manageable size. Consider underused subscriptions you can drop, inflated grocery bills you can trim, and auto insurance policies that can be swapped for a cheaper plan (MSGCU works with two reputable companies to help you save on home and auto insurance – we recommend contacting both to see what works for you). The more you trim, the more money you’ll free up for paying down debt.

Put your holiday resources to work

You may have been lucky to receive some extra cash through work bonuses, tax returns, or gift money during the holiday season and the beginning of the year. Put these resources to work by using a portion of this money, or even all of it, toward paying down your holiday debt.

Go on a shopping detox

Take a break from the mall and online shopping this month and try to swipe the plastic only for essentials. At the very least, keep impulse purchases to a minimum until your budget recovers.

Make a plan for the next holiday season today

Get ahead of the next holiday season by saving with a holiday savings account. When you open a holiday savings account, make as many deposits as you want, or set up an automatic monthly transfer to conveniently feed your holiday savings all year long. By the end of the year, you’ll have saved money to treat the ones you love without having to increase debt to do so.

If you blew your budget this past holiday season, the tips outlined here can help your finances recover. And don’t be shy to reach out to us to help – we’re here to champion your financial goals. Whether that be recover financially from the holidays, save for a large purchase, or anything else. Visit any of our branches or contact us at (866) 674-2848 to speak with our team.

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