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Has the aftermath of the holidays left you feeling a bit spent—perhaps literally? Don’t let overspending keep you down! It’s not too late to make a New Year’s resolution for your finances. Consider a few of these techniques to get your budget back on track.

  1. Pay Your Way With Gift Cards. You may have received a few stocking-stuffer gift cards during the holidays. If you still have some on hand and they aren’t limited to one store, they can help you make some practical purchases so your wallet breathes a little easier. It’s not the most glamorous way to spend what were intended to be gifts, but it beats worrying about your finances and can be a great budgeting tool.
  2. In With the New? Sell the Old. Find yourself with a new wardrobe after the holidays? Enjoying the latest and greatest technology? If all your new clothes and gadgets are leaving you with an excess of old items, then it might be time to sell what’s not being used. Selling or trading in your gently used items can help put you back in the black.
  3. Cut Costs. Tweaking your everyday spending habits is a surefire way to improve your financial standing, so long as you use your savings to pay down debts. For example, you might reduce how often you go out to eat, and spend less when you do. Another way to save is to learn a few new skills—such as how to change the oil in your car—so you don’t need to spend money on others doing a job you could do yourself. Other options include working out at home instead of paying for a gym membership, unplugging electronics when they’re not in use and taking advantage of free entertainment options, such as the public library or the great outdoors.
  4. Consider a Balance Transfer. Did you use a high-interest credit card to pay for your holiday shopping? If you’re struggling to pay off your credit card debt and concerned about high interest payments, then a balance transfer may help. It can help reduce your repayment costs by paying off your old card and moving your balance to a different card with a lower interest rate. While some credit card providers charge a fee to make a balance transfer, at Navy Federal, there's no balance transfer fee. Learn more about balance transfers and dive into a new year with a goal to improve your personal finances.
  5. Save for Next Holiday Season, Now. Avoid financial stresses next holiday season and start saving now. Putting aside a small amount from each paycheck may be all it takes to make sure you’ll have to worry only about what to buy and not how to pay for it. A Basic Savings account comes with your Navy Federal membership. Want to know more? We can help!

This article is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.