Save Money & Eliminate Post-Holiday Debt – Part I

In December, many people loosened their spending reigns and jumped into the spirit of the holidays with SHOPPING! But now, with your credit card bills rolling in from the holidays, don’t wait to pay them off! A survey by Consumer Reports shows that 14.1 million or 6% of Americans admitted to still owe for their 2010 holiday bills. Don’t become part of that statistic! For the next couple weeks, will be giving you some tips that can help you start cutting back on your spending and pay off that post-holiday debt!

  1. Consider “couponing” – You don’t need to become an extreme coupon hunter, but keep your eyes peeled for good deals. Check out specialist online voucher websites such as Groupon and Living Social as well as your newspapers and magazines to save money on everything from groceries, toiletries and restaurant meals.
  2. Cut back on “small spends” – Think about the small purchases you make on a daily basis that could be making a big impact on your finances. Examples include your expensive morning coffee or lunch out of the office. Write out a list of items you purchase during a normal week and see if you can find a way to cut back. For instance, you could brew your own coffee or pack your lunch a couple days a week.
  3. Try some car-free days –If it is possible, see if you can leave your car in the garage a few times throughout the month. You could save a fair amount on gas and car bills if you decide to walk or cycle to work or school. If it is too far of a distance, see if you can find someone to carpool with or check out the local bus or subway systems.

Stay tuned – more ideas to come next week! Have some ideas of your own? Please share! Post a comment below.

2 thoughts on “Save Money & Eliminate Post-Holiday Debt – Part I

  1. The three tips provided in this entry are simple yet cost effective ways to manage and save money post holiday shopping. I’ve used many of the examples provided above when my own holiday shopping has been more extensive financially than expected.

  2. The three points listed in this entry are very helpful and very pracitcal to the average american. I know I find myself overspending during the holidays and facing the consequences later. If we would only better utilize our resources, then we could see our holiday bills noticably decrease. Just think, if we use a few of the tips in this entry and were able to save around five dollars per day, we could save a total of around 150 dollars per month!

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