5 Holiday Shopping Recovery Tips

Did you spend too much money on Black Friday and Cyber Monday? Did you go overboard on your budget? If so, today I want to help you recover and get back on track!

Here are 5 things you can do to get back on track with your personal finances:

#1: Assess the damage.

Find out how much you REALLY spent by checking your credit card statements online and by reviewing your receipts. If you wait till the bill comes, it might be too late to make any last minute returns.

#2: Return what you don’t need.

While you were in the “shopping frenzy” I bet you bought something you did not set out to buy. Especially all of those impulse purchases for items they put right at the checkout. It’s been a few days now and you should know if you really need those extra items or not.

#3: Plan to pay your credit card bill in full.

The interest cost alone can more than double the price of what you bought, if you carry that debt with you for months. If at all possible, pay off the credit card you used for the holidays in full. You’ll feel great, and you won’t be worried about that mountain of debt as you move into the new year.

#4: Review and update your budget.

Look for ways to make improvements and find areas where you can cut back. If you can cut back for at least the time it takes you to pay off your holiday purchases, you won’t be paying on those purchases this time next year.

#5: Check your credit card statements.

Review for any overcharges, fraud or mistakes. If you find any, get them corrected right away. Banks and credit card companies are good about crediting your account for fraud and mistakes. But you have to report them in a timely manner, or you may end up being stuck with them.

And if you find any overcharges, get your receipt from the store you made the purchase, and call them to get the overcharge corrected. Again, you need to do this in a timely manner to get the proper credit to your account.

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