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7 Smart Ways to Manage Post-Holiday Debt and Improve Your Finances

The holiday season is a time for joy, celebration, and often, a bit of overspending. While splurging on gifts, travel, and festivities can create wonderful memories, the financial aftermath can be a burden as the new year begins. If you’re looking to get your finances back on track after the holidays, here are seven effective strategies to help you cut expenses, raise some extra cash, and set yourself up for a financially healthy year ahead.

1. Cash In a Few Vacation Days

According to a Pew Research Center survey, 46% of workers don’t use all of their vacation time. While taking a vacation is essential for mental health, if you have unused vacation days and your company policy allows, consider cashing them in. This extra income can help you pay down holiday debt and start the year on a stronger financial footing.

2. Rent Out Your Car

If you have an extra car in good condition, renting it out on platforms like Turo or Getaround can be a great way to earn some extra money. Even if you don’t have an extra car, you might be able to rent out your empty garage space on sites like Neighbor or Spacer. This can provide a steady stream of income to help manage your post-holiday expenses.

3. Get a Side Gig

The gig economy offers numerous opportunities to earn extra income. Whether you drive for DoorDash, Uber, or Lyft, find temporary jobs on Indeed or ZipRecruiter, or take on freelance work on Upwork and Fiverr, there are plenty of options. You can even look for odd jobs on TaskRabbit or Thumbtack, or sign up for babysitting on Care.com or pet sitting on DogVacay. These side gigs can help you pay off holiday debt while allowing you to explore new interests.

4. Sell Things You Don’t Need

Many of us have items we no longer need that could be sold for extra cash. Whether it’s clothing, shoes, cars, bicycles, or patio furniture, selling these items on platforms like Poshmark, eBay, Facebook Marketplace, or OfferUp can help you declutter and raise funds to pay down debt.

5. Renegotiate Your Monthly Bills

It’s easy to set up automatic payments for monthly bills and forget about them. However, renegotiating bills from your cable provider, mobile phone company, or home security vendor can save you money. While contacting these companies can be time-consuming, services like Experian BillFixer™ can renegotiate selected bills on your behalf, freeing up funds to pay down holiday debt.

6. Consider a Debt Consolidation Loan

If you’re carrying high-interest credit card debt, a debt consolidation loan can make debt payoff more affordable and efficient. These loans typically have lower fixed interest rates than credit card debt and offer a fixed monthly payment and a finite loan term. This can help you manage your debt more effectively and improve your financial health.

7. Prepare for the Next Holiday Season

Planning ahead for the next holiday season can help you avoid the financial stress of overspending. By spreading out your holiday spending over the year, you can take advantage of sales, avoid supply chain issues, and reduce debt. Consider setting up a sinking fund by setting aside a bit of cash each month, so you’ll have a pool of money ready for holiday shopping.

The Bottom Line

A few months of budgetary discipline and creative fundraising can help you get back on track financially. Use this post-holiday period to inspire a full year of financial fitness. Pay down debt, monitor your credit, and cultivate good money habits to make the next holiday season even more enjoyable.

At O1ne Mortgage, we’re here to help you achieve your financial goals. Whether you’re looking to refinance your home, consolidate debt, or explore mortgage options, our team of experts is ready to assist you. Call us today at 213-732-3074 for personalized mortgage services that can help you build a brighter financial future.

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