Christmas is gone—and all your money went with it.
If you know how that goes, you’re not alone. A lot of us overspend at Christmas. A recent study showed 46% of Americans feel pressured to spend more than they can afford during the holidays.
While you can’t go back in time and take back the gifts you already gave, you can set yourself up to make better choices next year. Here’s how you can finish 2016 well and start 2017 off on the right foot.
1. Create a budget
Kick off the new year with a written budget. Sit down with your spouse or accountability partner and give every dollar a name. It’s easy to let your spending slip into the abyss in the hustle and bustle of the Christmas season, but those shopping receipts can’t stay under the rug forever.
Avoid running into another Christmas money pit by planning your 2017 holiday budget this month. How much do you want to spend on gifts next year? Divide that number by 12 and start setting aside that amount each month. You can even set up an automatic transfer to move the money into a separate account. That way, it’s out of sight and out of mind—but ready for you when Christmas rolls around again! Read More