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Lone Star National Bank

What You Can do to Avoid a Financial Holiday Hangover

Nov 28, 2016

After all of the gifts have been opened, the food eaten and the catching up with friends and family is over, it’s normal to be weary of looking at your bank account. The holiday season is one of the most brutal to your wallet if you don’t plan accordingly. It can lead to impulsive spending and more debt that you’ll eventually have to deal with. But one of the most productive things you can do is find ways to ease the financial strain you’ve put on yourself.

We’ve put together some practical ways that can help your personal finances get back on track and ready for the new year. It might be too late to snag a good deal here and there, but it’s never late to emerge from the post-holiday bonanza with strong financial goals and self-discipline.

Start planning and lining up your new goals with Lone Star National Bank’s financial services today!

Settle All Bills

The first thing that needs to be done is to settle all bills that were incurred during your holiday shopping. Start with prioritizing utilities and other necessities. Many find excuses for starting the new year with more debt, and while this isn’t financially healthy, neither is the blame game. There’s nothing that can be done when blaming yourself and your spending. Acknowledge the problem and fix it.

If keeping track of your finances is an issue, ask us about our checking accounts where you’ll find easy access and the latest information regarding your account. Now is the time to be strict and settle all bills incurred during the holidays so they don’t serve as detriments throughout the year. It might be difficult at first, but you can rest easy knowing that the effort will be worth it.  

Create and Stick to a Strict Budget

January is the month when new budgets are made, and drafting one up yourself is just as important as sticking to it. You might have to live more frugally to save, and not spending on unnecessary things will help you trim down the bills that were incurred.

Try to avoid eating out every night, sign up for a more affordable cell phone bill, nix your cable subscription if necessary and rent movies as opposed to a dropping $20 on a theater ticket. Now is the perfect time to stay away from spending on things that are not needed, at least until your personal finances are back on track.

Don’t Use Your Credit Card!

If part of your debt is due to overusing a credit card, try not to add more to the pile by using it further. Continuing to add debt will not help, especially on credit cards where fees are bound to drown you further down the debt hole. If you know that you’re an impulsive buyer or if there is a certain retail store you love shopping at, try avoiding them since spending is bound to happen if you don’t. Also, refrain from heading to your favorite shopping websites since they’re always running “last minute” or “last day” deals and offers.

Create Some Allowances

We know that going on a budget and living frugally might be too much to ask for some. While we do recommend finding the least expensive option on your everyday spending, we also don’t want you to live on too tight a budget. Review your current spending habits and find ways to cut them back. Create weekly budgets for everything, from food and gas, to personal items that you really don’t need.

Find Post-Holiday Financial Help at LSNB!

Being financially responsible is something we should all be a part of. If your finances have taken a hit due to the holidays, know that it isn’t the end of the world. Our bank in McAllen can help you with many financial services. Contact us today to learn what we can do for you.