The holidays are over, and it’s common to feel the weight of overspending.

When faced with this situation, having a clear plan can help you regain financial stability.

Begin by calmly assessing your financial situation. You might discover that things are not as dire as you initially thought. However, if your credit card statement reveals higher expenses than expected, it’s time to address it.

If you find yourself in significant holiday debt and cannot repay it immediately, start by calculating the exact amount you need to pay off. Consider how this debt impacts your everyday expenses.

To increase your funds, consider returning any holiday purchases and utilizing rewards like credit card cash back. You can also sell items online or host a sale to generate extra income.

After securing the necessary funds, focus on saving. Establish a budget that prioritizes essential expenses, allocating a set amount for discretionary spending until you’ve cleared your holiday debt. Use your earnings and any additional resources to pay off credit card and other debts promptly to prevent them from accumulating interest and harming your credit score.