If you’re feeling guilty and stressed out about how much you spent over the Christmas season, this Finance Detox for next year is a perfect pick!
Expenditure is up over the season from last year according to experts, and a lot of us relied on our credit cards to get the special people in our lives something wonderful.
Financial stress, however, has been found to have a huge impact on our mental health, and, aside from hoping for a big win on the real money online pokies so widely available online, you’ll be glad to know there are steps you can take to decrease it.
Get Ready for Higher Interest Rates
This is a reality we all have to face going in to 2019, with forecasters predicting several hikes by the end of the year. If you are worried about debt that you already owe, find a loan calculator and work out how rates 1%, 2%, or even 3% higher will affect your repayments so you can prepare.
Expand Your Dry January Commitment
New Year’s Resolutions are the order of the day for the first month of the year, so why not extend this philosophy to include something that will make you some money?
Give up alcohol, make and bring your own lunch to work, or take public transit instead of your car when you leave the house. Even just 30 days of this kind of resolution can save you a big amount.
Make More Money
Operating a side hustle is no longer something just for students, or millenials. People from all walks of life, and most income brackets, can really benefit from making a little extra cash outside of their main job.
Maybe you can find part-time employment a couple of times a week, or put your unique skills to use in consulting? However small the extra income, it can really make a difference to not just your savings, but your debt repayment as well.
Return, Swap, or Sell Unwanted Gifts
It’s not the most polite thing to do, but keeping a present you don’t want and will never use is a waste of money. There is a thriving market for quality second-hand goods available, and all it takes is a couple of pictures on social media sites to find out if you can still benefit from a well-intentioned gift that missed the mark.
If possible, take it back to the shop it was purchased from and return it for cash, or get a gift card.
Take a Long, Hard Look at Your Debt
Maybe you owe money on your credit card, have a balance outstanding on your line of credit, or you’re late on one of your utility bills? It’s all debt, and you need to make a plan to start bringing that total down.
Tally it all up, and divide it by the number of months you think you will need to be able to pay it all off. Start off with the biggest repayments on your debt with the highest interest-rate, but don’t neglect making minimum payments on all the others.