The first workday in January after the holidays hits a little bit differently: The parties are over, debt payments are soon due and it can feel like there鈥檚 nothing to look forward to.
You may be able to minimize the doldrums with some planning and other steps to turn things around, financial experts say.
鈥淔inancial stress can be temporary,鈥 says Tonya Rapley, financial educator and founder of the millennial money and lifestyle blog My Fab Finance. She suggests focusing on small steps such as paying this month鈥檚 bills, then reminding yourself that you can recover from December鈥檚 overspending.
Here are a few more ways to fight this month鈥檚 financial downers:
The new year is a great time to create or update a budget, which can give you back a sense of control, says Mike Croxson, CEO of the National Foundation for Credit Counseling, a non-profit financial coaching organization.
The popular 50/30/20 budget, for example, suggests putting 50% of your take-home income toward needs, 30% toward wants and 20% toward savings and any debt payments. You can adjust those percentages as needed, especially if you live in an urban area with high housing costs.
鈥淭he best way to get control back is to make a plan,鈥 Croxson says. 鈥淵ou can get back on top of this and back to where you feel good about your finances.鈥
With interest rates higher than they were a couple of years ago, credit card debt is also more expensive, which makes paying it off a financial priority. How exactly you do that is up to you, Croxson says.
鈥淧aying off the highest interest rate balance first makes the most common sense, but for some people, paying off the smallest dollar amount first is most important because they feel like they accomplished something,鈥 Croxson says. Small wins can give you momentum to continue.
Online calculators for those two methods, known as the avalanche and the snowball, respectively, can help you stay on track.
If you purchased holiday gifts using 鈥渂uy now, pay later,鈥 which allows shoppers to split payments into multiple instalments, then it鈥檚 important to note when those bills are due, says Christine Alemany, chief marketing officer for i2c, a global banking and payments platform.
Alemany suggests tracking your buy now, pay later due dates with a financial management tool or spreadsheet to avoid late fees or interest charges. 鈥淭he variety of payment methods that consumers now have gives them the option to choose what鈥檚 best for them,鈥 she says, but 鈥渢hat convenience needs to be balanced by discipline.鈥
Amid all of that repayment, it鈥檚 also important to find a way to save money, Croxson says. 鈥淗aving a savings line item in your budget is a critical step for virtually every consumer, even if it鈥檚 $20 or $25 a month,鈥 he says. 鈥淭here will be an emergency, and you will need it.鈥 Being able to turn to savings in the future also helps you avoid building up debt again, he adds.
The good news for Americans is that positive signs in the economy, such as a slower rate of inflation and lower gas prices, means it鈥檚 a little easier to find room for savings, according to Alan Gin, associate professor of economics at the University of San Diego鈥檚 Knauss School of Business.
With gas prices coming down, Gin says, 鈥渘ot only will consumers be more confident, but they will have more money.鈥
If an expensive item you bought or received as a gift in December breaks in January, that鈥檚 another potential downer, which is why knowing your refund rights is critical, says Wayne Hassay, partner attorney for LegalShield, a legal services provider. He suggests keeping track of all paperwork related to the item and any warranty attached whenever you make a big-ticket purchase.
In some cases, paying with a credit card can give you additional protections, he adds. And if your pricey new electronics break, don鈥檛 hesitate to follow up with the retailer or brand until you get a satisfactory response, which could be a refund or a new product.
Working to pay off debt and get back on budget in January can feel lonely because it鈥檚 such a solo activity, which is why it鈥檚 helpful to reach out for additional support, whether that鈥檚 from financial professionals or friends and family.
鈥淏e honest with people,鈥 Rapley says. She suggests sharing in a friend group chat if you are looking to scale back and spend less, because you鈥檒l likely find encouragement that can help you stay on track. 鈥淭hat communication is definitely important,鈥 she says, and can help you feel less alone 鈥 and with more good things to anticipate in the year ahead.
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This column was provided to The Associated Press by the personal finance website NerdWallet. Kimberly Palmer is a personal finance expert at NerdWallet and the author of 鈥淪mart Mom, Rich Mom.鈥
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