Tag Archives: Budgeting after the holidays

How to Rebuild Your Savings After the Holiday Season

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The holiday season is full of joy, connection, and extra spending. Between gifts, travel, hosting, and last-minute celebrations – it’s common to enter the new year feeling a little lighter in the savings department. If that sounds familiar, you’re not alone.

The good news? Rebuilding your savings after the holidays doesn’t require drastic changes or financial stress. With a few intentional steps and realistic goals, you can regain momentum and set yourself up for a stronger, more confident financial year ahead.

Here’s how to get started.

1. Start With a Clear Financial Check-in

Before you can rebuild, it’s important to understand where you stand. Take a moment to review your bank accounts, recent statements, and outstanding balances. This isn’t about judging past spending, it’s about creating clarity.

Ask yourself:

  • How much do I currently have in savings?
  • Did I dip into savings during the holidays?
  • Are there credit card balances I need to prioritize?

A clear picture helps you make informed decisions and sets a realistic foundation for next steps.

2. Reset Your Savings Goals for the New Year

If your savings took a hit, your previous goals may need adjusting and that’s okay. Instead of aiming for a large number right away, focus on rebuilding consistency.

Consider breaking savings into smaller, achievable goals, such as:

  • Rebuilding an emergency fund to at least one month of expenses.
  • Saving $500–$1,000 as a short-term cushion.
  • Setting aside money for upcoming expenses like spring travel or home projects.

Smaller wins add up quickly and help rebuild confidence along the way.

3. Make Saving Automatic

One of the most effective ways to rebuild savings is to remove the guesswork. Setting up automatic transfers from your checking account to your savings account ensures that saving happens consistently, even when life gets busy.

Start with an amount that feels manageable. Even $25 or $50 per paycheck can make a meaningful difference over time. Once it becomes routine, you can always increase the amount as your budget allows.

4. Adjust Your Budget Without Cutting All the Fun

Post-holiday budgeting doesn’t have to mean eliminating everything you enjoy. Instead, look for small adjustments that free up cash without feeling restrictive.

Try:

  • Reducing takeout or dining out (even by one meal per week, if you typically do this almost daily).
  • Pausing unused subscriptions.
  • Planning groceries and meals ahead of time.
  • Setting a short “reset period” for discretionary spending.

The goal isn’t perfection, it’s progress.

5. Rebuild Before You Spend Unexpected Money

Tax refunds, bonuses, or cash gifts can feel like an invitation to splurge. While it’s fine to enjoy a portion of any extra money, consider prioritizing savings first.

A simple approach:

  • Save a percentage (such as 50%).
  • Use the rest for debt reduction or planned spending.

This helps accelerate your recovery while still allowing room to enjoy the reward.

6. Keep Your Savings Accessible, but Separate

Keeping your savings in a dedicated account can reduce the temptation to dip into it for everyday expenses. Many people find it helpful to separate emergency savings from short-term or “fun” savings goals.

First Financial savings accounts offer easy access for our members, and peace of mind that your money is waiting there for you without unnecessary risk.*

7. Check-in Regularly (and Celebrate Progress)

Rebuilding savings is a journey, not a one-time fix. Schedule monthly check-ins to review progress, adjust goals, and recognize what’s working (or what’s not). Even small milestones like your first $100 saved again, or a full month of consistent deposits – are worth celebrating.

Start Fresh with Confidence

The holidays may have passed, but the opportunity for a fresh financial start is right in front of you. With intentional planning, consistent habits, and support from a trusted financial partner, rebuilding your savings is absolutely within reach. At First Financial, we’re here to help you every step of the way, because your financial well-being matters all year long.

Ready to take the next step? Our team is always available to help you explore savings options, budgeting tools, and strategies designed with your financial goals in mind. Contact us today or visit your local branch.

*A First Financial membership is available to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. View full Rewards First program details at firstffcu.com. Some restrictions apply, contact the Credit Union for more information.

Tips for Recovering Your Finances After the Holidays

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If you overspent during the holidays this year, you’re not alone. According to a survey, 36% of consumers went into debt during the holidays, owing up to an average of $1,249. Regardless of how much you owe, there are steps you can take to help recover your finances after the holidays are over. Here’s what we recommend for building your finances back up after an expensive holiday season.

Assess Your Finances

The first thing you’ll want to do is assess your overall financial situation. This includes fully understanding your monthly budget and determining your short and long-term financial goals. Then create a spreadsheet of your expenses, debts, payment due dates, and interest rates. If you’re new to budgeting, our make a budget worksheet is a great place to start.

Cut Unnecessary Expenses

Once you’ve fully mapped out your budget, you should have a better understanding of where you spend your money most. You’ll likely notice there are expenses from products or services that you don’t need or even use. When paying off debt or building savings, it’s best to trim down your expenses as much as you can. For example, you can cancel any underused subscriptions that you might have forgotten about. You can also try cutting back on frivolous expenses like dining out, Starbucks coffee, or delivery services. If the purchase is for something non-essential, see if you can find a less expensive version or cut it from your budget entirely.

Evaluate Credit Card Usage

Take an inventory of all the credit cards you’re using and evaluate if they have any rewards or annual fees. If you’re using cards with high fees or you’re carrying debt across multiple accounts, consider consolidating your debt with a balance transfer to a low-rate credit card. This way you can pay down your balance without the extra interest. It’s also recommended you find room in your budget to pay more than the minimum monthly payment. This will not only help you pay down the debt faster but will help your credit score, too.

Start Planning For Next Year

It’s never too early to start planning for the year ahead. Start by putting away $50 a month toward holiday gifts for the end of the year. Before you know it, you’ll have enough funds to cover gifts for your family and friends. Make a list of the people you’re buying gifts for now, and potential ideas to see how much you’ll need to save up for. Some items will likely be cheaper to buy out of season, which will help with your overall holiday budget for next year.

Whether you need assistance with debt repayment, creating a budget, or even opening an account, First Financial can help! Visit one of our branch locations or contact us to speak with a representative today.

 

3 Ways to Recover From a Blown Holiday Budget

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Now that the holiday season has come to a close, you are probably looking at your bank statements and credit card bills with wide eyes.

So, what can you do to get yourself back on track financially after the holidays? Here are three helpful tips to set your budget straight.

Sell, Sell, and Keep Selling

Declutter your house and see what you can sell. It’s one of the easiest ways to get rid of extra things you no longer use, plus make some cash after spending during the holiday season.

  1. First, find out which big items you can sell and then list those on sites like Craigslist, Facebook Marketplace, or various selling apps (Let go, etc.)
  2. Next, look through your closets for brand name clothing that can be sold on eBay, or apps like Poshmark and Mercari. This can really add up. As you go through your closet, snap pictures of the items you are planning to sell on your smartphone and upload them to the above mentioned apps. See how you do – if your items don’t sell in a few weeks, then put them aside to sell at your yearly yard sale in the warmer weather or make a local clothing bin donation.
  3. Lastly, request a bag from Thredup.com or Kindermint.com and pack them with clothes that your family doesn’t need. Most of the items that don’t sell in steps 1 and 2, will be hand-me-downs or 50-cent-finds, so after awhile if nothing is selling and you only get a couple dollars for your items – you are still coming out ahead.

Don’t Spend Money in January

Have you ever tried a month without spending money? The idea is that you cut unnecessary spending (eating out, home décor buys, clothes, and so on), and eat out of your pantry, fridge, and freezer for the entire month.

You are permitted to give yourself $20-40 a week to spend on milk, eggs, bread, and fruit/vegetables at the grocery store – but that’s it!

This is a great time to use up any food items that you may have around but forgot about. Plus, an extra $300 or more would be nice to put toward any credit card debt, or replenish your savings account – right?

Earn Additional Income

Does your job allow you to add overtime or do freelance work? If so, take advantage in January and February to help you pay down those holiday bills.

Be creative. Perhaps you can ask your employer for overtime opportunities, or take on a small baby/pet-sitting position. Even renting out your home or car, can produce extra income if you have the means to do so and live/commute another way.

Recovering from high spending like the holiday season can be tough, but with these steps you can overcome that blown budget relatively quickly and start off the new year on a better financial path.

Article Source:  Ashley Eneriz for Moneyning.com

How to Recover from a Blown Budget

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Went a little crazy on holiday shopping and now your budget is completely off track? Get back on the path to financial freedom and kick off the new year with the following tips:

  1. Stop dwelling. Going over your budget isn’t fun, but it’s not the end of the world. Life happens and you can’t be perfect all the time. Acknowledge that you messed up, then move on. Obsessing about it isn’t going to bring your money back.
  2. Get back into your old routine. Play a little bit of catch up: pay your bills, balance your checkbook, and schedule transfers to pay off some debt if possible. Sometimes when you fall off track, it makes you want to stay off track. It takes more effort to jump back on the bandwagon than it does to remain on the same path. That’s why it’s important to get back into your old routine as soon as you have the chance. Get everything caught up, map out a plan for the remainder of the month, and immediately return to your former routine.
  3. Temporarily cut expenses. If you need to cut back, consider the following tactics:
  • Eat at home until you’ve cleaned your shelves/refrigerator/freezer out.
  • Have “no-spend” days, when you don’t spend a single penny.
  • Skip paid entertainment and opt for board game nights or movies at home.

If you’re still facing a budget discrepancy, you may have to look for extra ways to earn money for the month. Consider selling clothes, furniture, and appliances that are in good condition but that you no longer use. Or can you pick up extra hours at work, or get a part-time job?

If you’ve blown your budget, the important thing is to pick up where you left off and get back to your budget as soon as possible.

Need help creating an organized household budget? Check out our budgeting guide and budgeting fillable PDF worksheet.

Article Source: Alexa Mason for Moneyning.com

Break the Bank this Holiday Season? Get Back on Track!

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Even if you didn’t storm the shelves at 3am on Black Friday, there’s a good chance you may have overspent during the holiday season. If you’re fretting about your finances, there are a few things you can do to remedy your wallet. Follow these tips for reversing the damage and getting back on financial track.

Make some returns.

It may be tough to do but it’s time you take a hard look at the purchases you made. Did you buy gifts for others or splurge on yourself? If you intentionally made purchases for your loved ones you will probably be safe holding on to those items, as chances are you were budgeting for them. But, if you spontaneously spent on things you may not need just because they were on sale, consider returning those extras to put more money back in the bank.

Save what you bought for the future.

Just because you bought your child ten toys doesn’t mean they all have to end up under the tree this Christmas. If you decide to keep them all, hold on to a few for future holidays. That way when it is time to celebrate Timmy’s birthday, you’ll have already spent money on his gifts and won’t be out even more cash down the road.

Cut costs elsewhere.

If you overspent and are feeling stressed, you may have to make some sacrifices until you can get your money back to where it was. That means it’s time to scale back on the extras. Simplify your life and remember what’s of real value during this special season. Instead of eating meals at restaurants, save money and spend quality time together by cooking at home as a family. Forget spending a ton at the movie theater and opt instead to enjoy movies from the comfort of your couch.

Article Source: Wendy Moody for CUInsight.com

4 Tips for Bouncing Back from Holiday Shopping

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You say you won’t go overboard every year – but once again holiday shopping may have gotten the best of you already. In spite of your best intentions, you overspent, you’re probably full of regret, and you’re getting a headache just thinking about your January credit card statement. Now what?

1. With a sober mind, go through what you bought and return/exchange if it’s not too late.

It’s easy to get so caught up in the moment — the rush of shopping, the allure of good deals and sneaky sales tactics — and you probably made a few impulsive decisions, even if you didn’t overspend.

Shoving the items you felt guilty or embarrassed about to the back of the closet might make you feel better, but the act might also cost you the 30-day return/exchange window — in other words, an opportunity to reverse your losses. If you didn’t give some items as gifts, return them stat.

2. Offset over-budget spending by cutting elsewhere.

If you’re in the red after the holidays, it’s time to offset your spending by cutting a different area of your future budget to accommodate it. Start by totaling what you spent and comparing the total to discretionary spending you’ve budgeted for January 2017. Is there something that matches the exact dollar amount? What about two or three ‘luxuries’ that match one half or one third of what your spent? Cut them. You may only need to cut a service or two for a month before you’re back on track, so it’s really not much of a sacrifice. Consider cutting the following:

  • Extra cable channels
  • Netflix and other streaming media accounts
  • Scheduled hair treatments, massages, or manicures
  • Magazine, book club and other subscriptions

Beware: cutting one of these temporarily might show you how little you’ve missed it… and how much nicer it is to have the cash!

3. Pay it back — fast.

If you charged up your credit card(s), the debt you accumulated and the interest attached to it may have even longer side effects than a light bank account. Resolve to pay your shopping debt off entirely within one to three months. If that’s not feasible, try to pay at least three times the minimum amount. Ultimately, aim to keep your balance below 40% of your credit limit so you won’t hurt your credit report.

4. Redeem those freebies.

Many retailers offer cash back in the form of gift cards on special buys through the holiday season or early into the new year, but reports show that many are never used. Don’t let your freebies go to waste – use them to retroactively pay for over-budget spending. If the gift cards aren’t for stores you shop at, go online and sell or exchange them for something you’ll be able to use. Just don’t let them go to waste.

Article Source: Jessica Sommerfield for Moneyning.com