How to Bounce Back after the Winter Holiday Expenses?


The winter holiday season is always extremely stressful, on a financial level. Having to purchase gifts for family and friends is sometimes complicated in itself. However, when we factor in the considerable price tags that some of these prices have, the situation can be extremely difficult to manage.

Most individuals tend to go into debt without having a bounce-back plan after January starts. The unpaid loans can then have serious consequences on the entire year, as they will constantly reduce the budget that is available to individuals. This having been said, there are several ways to go about repaying your debt. Here are some strategies that anyone can use:

  • Budget Your Income with Debt in Mind

Simply trying to repay the debt as you go isn’t always enough. Both your regular expenses as well as the debt repayments must be carefully planned to ensure that you will have as much financial freedom as possible. This means prioritising your most expensive loans or forms of debt. This can include personal loans that have high-interest rates, payday advances, and credit card debt.

One of the most commonly made mistakes when organising one’s finances is deciding to first repay the largest loans. The objective here is to get rid of the most expensive debt, regardless of its total value.

As you repay these loans, even if they are smaller than the others, you will have an increasing amount of money to direct to other loan repayments or expenses.

  • Consider Getting a Debt Consolidation Loan

If you have taken out multiple loans during the holidays and decide that you may not be able to make all the monthly repayments, consider applying for a debt consolidation loan. This is a financial solution that enables borrowers to merge multiple forms of debt into one, leaving them with one monthly payment and one interest rate. Depending on the lender, it may be possible to use the money to repay your credit card debt, as well, however, this depends on who issued you your credit card.

Again, as above, you should focus on repaying your most expensive forms of debt first, especially if the debt consolidation loan is not large enough to cover all of your obligations. Furthermore, keep in mind that debt consolidation loans are secured loans. This means that borrowers will have to put up their property as collateral to borrow the money.

  • Eliminate Unnecessary Expenses

If the two options presented above are not enough, you always have the option to reduce your expenses. Eliminate as many creature comforts as possible and only keep the expenses that are required for your basic needs, such as rent, groceries, utility bills, medical bills, and household supplies.

Look at all online subscriptions that you might be currently paying and put them on hold. Also, focus on saving money by looking for discounts on clothes, household supplies, personal care products, and even food. While this course of action may seem difficult, you will only have to keep going for a short period, until you manage to either create a financial buffer or repay some of your debt.

Generally speaking, spending too much money is never a good idea. There are no easy ways to repay very expensive loans, which means that it is best to avoid them in the first place. If you tend to borrow too much money during the winter holidays or purchase a large number of products on instalments, consider starting to save up money throughout the year and use it during December. This involves fewer risks and puts less pressure on an individual’s finances.


I’ve spent my last 10 years interviewing some of the most successful entrepreneurs that have made their fortunes using online platforms and services. While not all of them were willing to share their secrets, some have explained how a simple idea or a misinterpreted demand for a product can be turned into a life-changing opportunity. I’ve taken what I’ve learned from them and applied it to my own companies and have succeeded. Now, I want to share my experiences with others so that everyone will be able to benefit from them. Starting a company is a lot of work and does involve certain risks, but with the right information, they can be minimised.

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