Getting Over from Splurges This Holiday Season
At one point or another, all of us may experience the urge to spend more. How many people have 
gone over their budget especially during the holiday seasons? Others have the tendency to splurge whenever they’re out shopping. As a result, debts build up and they find it more and more difficult to keep up with their payments.
Perhaps you’ve also found yourself in a similar situation. Did you cringe when you receive your credit card bill for the month? Did you have to carry over your balance for the next few months because it was too expensive for you to pay at once? True, splurging or impulsive spending can lead to frustration and pain. In this article, let’s discuss how you can get over those splurges and how to stay away from debt problems, especially these holiday seasons.
Pay your bills immediately. You don’t have to wait until your due date before submitting your payments. Whether it’s your utility bills, mortgage, car loans or credit card bills, submit your monthly payment ahead of time. This eliminates rushing to beat your deadline and protects your credit history from negative marks. You also save significantly by not paying the additional late penalty fees.
Don’t be content with just the minimum payment. It is true that submitting your minimum due payment on time saves you from late penalties. However, don’t be content with just the minimum. As much as possible, make it a goal to pay off your credit card charges in full each month. This habit saves you from the high interest rates and the risk of debt build up. More importantly, it keeps your credit history in excellent standing.
Prioritize your debts. If you owe multiple creditors and it isn’t possible to pay off all your charges at once, you need to set priorities. Examine which of your credit cards have the highest rate of interest and concentrate in paying off these balances first. For the rest of your debts with lower interest, pay the minimum due to avoid late fees.
Use your money for repayment. When facing debt, repayment should be your top priority. This means cutting back on your spending so you can save a bigger portion of your salary to pay off your debts. Remember, the longer it takes you to complete your repayment, the more expensive your debts become due interest charges.
Stop spending. If you’re guilty about splurging once, learn from that experience and don’t do the same mistake twice. If you’re going out shopping, don’t bring all your credit cards with you. Better yet, opt to pay in cash and leave all your cards at home.
Before shopping groceries or buying gifts, jot down everything you need to buy and stick with your list. Don’t buy anything that isn’t on your list. Some people even freeze their credit cards in their refrigerators just to keep from using them. If you find it really hard to control your own spending, ask help. Consult a government accredited credit counseling agency for advice on your problem.
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