Know where you stand
Make a plan. Start by reviewing the statements from your recent holiday spending. You’ll also want to consider your usual monthly bills like rent and utilities as you craft a payoff plan.
Review, redeem and return items
If you used a cash-back or rewards card to complete your holiday shopping, be sure to redeem the perks you’ve earned. In addition to that, take a look at the gifts you’ve received to determine what you’ll keep, exchange or return. Remember not to wait too long as you could risk missing the return window.
Limit your spending
While you’re working to pay down your holiday debt, make sure to put your credit card away. While shopping post-holiday sales may be tempting, try to set a limit so you’re not continuing to overextend your budget.
Give yourself wiggle room
Being intentional with your spending will help you shop with a purpose. Unfortunately, it’s not realistic to eliminate all spending, so determine a set amount for miscellaneous purchases and stick to it.
Make it fun
Turn saving and budgeting into a fun challenge with inexpensive rewards between you and your friends, family or accountability group. Reward yourself for reaching money milestones.