Overspent Over the Holidays? Here's How to Bounce Back for a Lighter and Brighter 2021 (Financially, at Least)
In the months and weeks leading up to the holiday shopping season, you had the best of intentions. You may have read up on how to save money during the holidays, shopped sales, and reminded yourself that a pandemic holiday season is not a great time for uncontrolled spending. Still, it was a long holiday shopping season that arguably began with Amazon Prime Day in October (Amazon Prime Day is typically held in July, but pandemic conditions forced a shift) and stretched more than two months to Christmas Day. If your best intentions didn't hold up and you didn't save as much money as you'd hoped—or you overspent—you're not alone.
Post-holiday shopping debt (often, credit card debt) is a reality every year as people spend beyond their means to give loved ones the gifts and holiday celebrations they deserve. This year, though, when layoffs, business closures, and overall financial struggles have put a strain on nearly everyone's finances, that lingering credit card balance or depleted checking account can feel even more stressful.
2020 may have been an unusual year, but there are very usual solutions to your post-holiday debt—or, dare we say, debt hangover. Let's be honest: 2021 will be challenging enough without lingering debt or money guilt from the holidays hanging over you. We spoke with savings experts to find out the best ways to bounce back from a holiday shopping spree and set yourself up for financial success in 2021. Follow our tips to get that debt or guilt over overspending under control, fast.