It’s when you open the first credit card statement of the new year that you know the holidays are really over. Spending too much over the festive season is almost as traditional as roast turkey with all the trimmings, with a third of Canadians overspending on their holiday budget, according to a survey by financial firm Edward Jones. However, with a bit of self-discipline and planning, it is possible to pay off your holiday debt before next Christmas arrives. Here’s how:
1. Know What You Need to Pay
2. Pay the Debts with the Highest Interest...
For more expert money tips, don't miss 20 must-know habits of self-made millionaires.
3. Transfer Your Balance to a Low Interest...
Shop around and find a card with a low interest rate and low balance transfer fee.
4. Pay More Than the Minimum
Plus, make the most of your money in any one of these 10 great places where you can retire for under $2000 a month.
6. Create a Payment Schedule
Avoid wasting any more money with the top 17 ways you're shamelessly bleeding money.
7. Pay as Early as Possible
8. Pay Often
You also won't want to miss these 12 costly mistakes that can ruin your retirement.
9. Keep Track
10. Don’t Use Your Credit Card
Want more saving advice? Don't miss 20 ways to save $1000 a month.
11. Ask for a Lower Interest Rate
12. Use the Debt Snowball Method
Once that bill has been paid in full, use the amount that you would have paid toward it to start paying off the second smallest bill.
Plus, don't miss 13 simple tips for getting rich.
13. Use Your Holiday Bonus and Cash Gifts...
You may also like: the best companies to work for in Canada.
14. Sell Unused Gift Cards
15. Sell Unwanted Gifts
If you're not sure where to start, check out our list of the 12 surprisingly valuable things lying around your house.
16. Find Extra Sources of Income
You can then use the extra income to pay off your debt and who knows, if you enjoy the sideline and are good at it, it may even become a new career.
17. Cut Back
18. Start a Rainy-Day Fund
For even more money, check out 15 high paying jobs to consider doing on the side.
19. Focus on the Long-Term
You may also like: how to retire with millions.
20. Promise Yourself a Reward
You may also like: where the world's wealthiest 1% live.