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What to Do if You Overspent During the Holidays

Most of us go into the holiday season with the best of intentions. We make lists, plan menus, and try to be smart about budgeting.

Unfortunately, nearly 70% of us get derailed by impulse purchases during the holidays.

Whether it’s an extra dinner out, new holiday decorations, or an irresistible gift, it’s easy to overspend and blow the budget. But getting back on track is possible if you make some smart moves in the new year.

Here’s how to do it:

Look Your Finances in the Face

How much damage did you actually do? Understand why you overspent and how it could have been prevented. Figure out the consequences. If it’s going to impact your ability to pay January’s bills, it’s best to know as soon as possible.

Get Back on the Wagon

Put yourself on a spending freeze so you can take control of your finances. If you already have a budget plan, get back on track. If you don’t, it’s time to get one.

Take Advantage of Financial Wellness Services

Need help starting a budget or creating an action plan? All Connexus members have access to our partners at GreenPath™ Financial Wellness. The experts at GreenPath provide financial counseling, educational courses, debt management planning, and more.

Consolidate Your Credit Card Debt With a Personal Loan

Let’s say you have $10,000 of credit card debt and your monthly minimum payment is 3% of the balance, or $300. At the average credit card rate of 16.17% APR6, if you made the minimum monthly payment each month, it would take you 224 months to pay off the balance. That’s more than 18 years!

Instead, you could get a $10,000 Personal Loan, pay off your credit card balance, and then make loan payments at a lower interest rate. We offer rates as low as 5.99% APR1, so you can pay off your debt much quicker and save a significant amount in interest.

In fact, consolidating could save you thousands over time. Here’s how to get started.

Plan to Avoid Overspending Again

If you don’t have a plan in place, it’s easy to fall into the same traps year after year.

We recommend setting cash aside specifically designated for holiday spending. With a Connexus Savings Account, you can set a portion of your direct deposit to go straight into the account.

Your account balance will add up quickly, and you won’t have to worry about breaking your budget come holiday shopping season.

Stay Positive About Your Financial Future

Overspending is not the end of the world, and by looking at it honestly and taking steps to fix it, you’re doing yourself a big favor.

Focus on the big picture and work toward a healthier financial future. You got this.

Save Money by Consolidating Your Credit Card Debt

Find out how getting a Personal Loan could help you.

Learn More

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