Despite a weakening economy and our resolve to “spend less next year,” most of us overspend during the holiday season. Perhaps it’s the twinkling lights or over-consumption of eggnog that distracts us from our bank balance, or the sugar high from all the baked goodies that makes us open our wallets with no thought to next year’s fi nance charges. Whatever the reason, most of us will be paying for those stocking stuff ers well into spring, and some of us will even carry this year’s splurges into the next season. Here are 6 tips to set you on your way to a speedy fi nancial recovery.


1 Return Duplicate Gifts


You received the red cashmere V-neck you’ve wanted from both your cousin Liz and your mom. Rather than hold on to duplicate giſt s, exchange one for an item you need now. Of course if you have a receipt and policy applies, you can always return the two-fold giſt for cash, and use it to pay down those heſt y credit card bills.


2 Create Your Own Entertainment


Home movies of the holiday, school concerts, pageants, DVDs as well as other media giſt s are enough entertainment to last you – and your kids – for more than a little while. You’d be surprised how many laughs you can have while watching Grandpa snoring during the “Twas the Night Before Christmas” reading and your nephew John pouting because he still has to sit at the “kid” table. Other ways to save some cash to pay off your cards - put a freeze on going out to dinner and purchasing unnecessary items for a bit. Instead, initiate a game night, invite your kids to help you cook and fi nd other creative ways to replace the same old expensive fun with exciting new and free fun. It will not only help you achieve your goal of paying off your cards faster and more aff ordably, but will generate quality time and memories with your loved ones.


3 Get a Jump on Your Taxes


If you are one of the lucky few that actually receive a refund each year, get your taxes done as soon as you receive all of your forms from employers, investment companies, and banks. Use the refund to pay down your accumulated debt, or, if you have a good handle on that by then, use it to invest in next year’s holiday.


4 Double Up On Credit Card Payments


Finance charges are adding up faster than you can say “Happy Holidays!” and you may wind up paying $50 for an $8 pair of socks aſt er all is said and done. Ideally you should pay off the balance of your cards when the statement comes in January, however that is not always possible. As an alternative, cut where you can on everyday expenses to double your payments each month, i.e., downgrade a high cable TV package, at least until the holiday expenses are covered.


5 In with the New… Out with the Old


Spend a weekend sorting through those boxes you’ve had forever stacked in the corner of your garage or the bags of clothes you’ve been holding onto just because, and anything else lying around you don’t want or use anymore and sell it! Take digital photos of your items and sell them in an online auction or on sites such as Craigslist where it’s free to post. Not only will you have newfound space in your house, but also money from your cleaning adventure to pay down holiday debt.


6 Take Advantage of Post-Holiday Sales


If you have a little extra cash on hand (not credit), go through sales circulars and make a list of items you might want to purchase for next year’s festivities. Post-holiday sales can save you as much as 75% on giſt s and holiday supplies. Pick out next season’s holiday cards, purchase ornaments, gloves, and hats as giſt s; also stock up on lights, decorations, and wrapping paper.


If none of these tips seem to help you… lay off the eggnog and baked goods. (wink!)


AKA Mom | Winter 2011 | 63


Career•Finance


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