Post-Holiday Financial Fitness

Following up after a serious money-spending spree, depending on how well it was planned and how much damage you did to your bank account, it might be time to start tightening the spending belt and looking to build up your financed once again. Unfortunately, this season breeds spendaholics - not only do you have a large chunk of gifts, money and gift-cards, but post-Christmas shopping sales can be hard to resist.

In addition to these sinfully fun activities, post-Christmastime brings a new year and a new opportunity to realize financial goals. The key to a successful holiday wrap-up is to balance your interests, wants and needs. How you do this is entirely up to you, but here are a few tips to get you on the right path:

1. Repay Debts. If you managed to accrue any debts over the holidays, now is the time to pay them off. This is a priority above most saving and definitely over Christmas-week sales. Do whatever you can to eliminate unnecessary interest payments, whether this means paying down your debt immediately or transferring the balance to a low or no interest account.
   
   
2. Build Up a Buffer. 'Tis the season for all sorts of messy things that can catch you in a financial bind. Whether the weather or other things cause you some unnecessary stress, it is always helpful to have some extra money in the event of a car emergency or a furnace repair. After paying down your debt, building up your emergency fund is a high priority.
   
   
3. Cement Goals. Now is the time to create a plan that will help to optimize your financial goals for the next year and beyond. Do you want to pay down your mortgage, add an extra thousand to your retirement savings, or save up for next year's gift budget? Start to cement those goals now in order to put plans in motion for a successful new year.
   

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