
Consumers said they planned to spend an average $967 during the 2017 holiday season, according to research from the National Retail Federation and Prosper Insights & Analytics.
That’s a lot of money, and you can bet that plenty of holiday shoppers blew their budgets in the process.
But here’s some good news: Even if you were overly generous this season, you can take steps to recover financially from all that holiday overspending. (See also: 8 Secrets to a Debt-Free Holiday Season)1. Return what you don’t want
If you were generous with others this holiday season, they might have been equally generous with you. This means you might have plenty of holiday gifts sitting around — maybe some gifts you don’t even want or need.
If you have the receipts, by all means, return them. Hopefully, you can get cash in exchange. But even if you can’t, you’ll probably be able to turn your unwanted gifts into store credit. You can then shop at that store on someone else’s dime without dipping into your own wallet.
Don’t worry about hurting someone’s feelings here. The main point is to get back on your feet financially, and every little bit helps. (Besides, you don’t have to tell Aunt Julia that you aren’t going to wear that sweater.)
2. Use those gift cards
The odds are high that you received gift cards this year. The National Retail Federation estimated that 2017 holiday shoppers each planned to purchase around four gift cards with an average value of $45 per card.
Too many people throw them in a drawer or tuck them in a wallet and then forget about them. If you got gift cards, use them. Again, these handy cards will let you purchase clothing, electronics, or restaurant meals without you having to spend your own cash. Then, send the dollars you’re saving on those splurges toward paying down credit card or other high-interest debt. (See also: How to Turn Unwanted Gift Cards Into Cash)
3. Pay more than the minimum on your credit cards
You might not…
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