MADE Magazine #MADEBlueprint - Page 26

H OW TO R E C OV E R F R O M holiday $pending MADE BY ASHLEY WHITE The festive decorations, the ugly Christmas sweater parties, the gift exchanges—these are a few of our favorite things, however, the costs add up quickly. If you overspent this holiday season, we’ve got you covered. MADE sat down with money maven, Dominique Broadway for advice on how to regroup and get your coins back in order in 2018… Why do you think we go overboard with our spending during the holidays? DB: I think people go overboard because they really get caught up in the season. They start making these lists of everyone they want to buy gifts for and it’s everyone they’ve met throughout the year—literally! Then afterward, you’re looking at your bank account like, “Why did I overspend? How did I so caught up in it?” Also, I think people are so worried about what people think of them and their gift-giving that they’ll often- times overcompensate with their gifts and give gifts that they can’t necessarily afford to give. So you overspent this holiday sea- son—now what? DB: Don’t beat yourself up about it too much, but what you need to do is immediately figure out what your strategy is to knock this debt off. You don’t want to have this debt lingering to the next holiday. Hopefully, if you did overspend, it won’t affect how you’ll pay your bills next month. That happens to people—they spend so much during the holiday and then January rolls around and the bills come and they’re like, “Oh, no. I don’t have it.” I would say figure out how much you overspent and immediately figure out what your strategy is going to be. Does that mean you’re going to get a part time job to kill some of that debt off? Does that mean in January you’re going to have to cut back in certain areas? You don’t want the holidays to affect your savings or to put you in a deeper hole. In order to get back on track financially, here are a few tips from Experian: 1. Evaluate Your Overall Financial Situa- tion. This won’t be fun, but now it’s time to really take a look at how much damage has been done. Examine your entire financial situation including your budget, your long and short term financial goals. You also need to write down all of your debts, payment due dates, minimum payment amounts, interest rates and the timeframe in which you would like to pay down your debt. Remember, you can’t tackle your finances if made-magazine.com | 26