What is January money hangover?

Spent a little too much during the holidays? Here are 5 tips to help you bounce back.

Transcript

00:00What is a January money hangover? And how can you recover from one? Let me explain.

00:05It's that post-holiday reality check when you realize the festive fun came with a price.

00:11From overspending on gifts and celebrations to credit card bills rolling in, it all adds up.

00:16And now you feel the money anxiety. Here are five steps you can take to bounce back.

00:221. Get a clear picture. Take a moment to look at your bank balance, credit card bills,

00:27and holiday spending. Yes, it can be scary, but knowing where you stand

00:32is the first step to moving forward. 2. Turn your returns into cash.

00:37Bought something you didn't need or have unused gifts lying around?

00:40Return them for a refund or even sell items online.

00:443. Cut back where you can. January is a perfect time for a reset.

00:49Skip unnecessary expenses for now, like takeout or impulse buys.

00:534. Tackle your debt. If multiple payments feel overwhelming,

00:58try breaking it down. Start small with the lowest balance to create a sense of progress.

01:03That's the snowball method. Or target the high interest ones first.

01:07This is called the avalanche. 5. Plan ahead.

01:11While it's still fresh in your mind, set yourself up for next year.

01:15Start a little holiday saving fun or write down what you would do differently,

01:19like spreading out gift shopping or sticking to a strict budget.

01:23January doesn't have to be a month of regret. It can be a month of recovery.

01:27Start small, stay consistent, and you'll thank yourself by February.

01:31So, how are you tackling your January money hangover? Share your tips in the comments.