Day 100th of January? worry less about this feeling you are not alone, this third week of the post-holiday hangover is hitting hard, with a cocktail of empty wallets and depleted bank accounts, and the most nagging part is the realization that New Year resolutions are also gathering dust.
The feeling is even much worse for persons with disabilities because of the extra costs associated with disability care, coupled with potential employment barriers.
Also, the scramble for back-to-school accommodations or accessible transportation adds another layer of stress, leaving many feeling like they’re stuck in a January quicksand.
So what next? below is how you can deal with your post-holiday hangover:
The first step to recovery is diagnosis. Grab a cup of coffee (or a strong drink, no judging!), and gather all your financial statements, list out every holiday-related debt you accrued, from credit card charges to loan payments. Be honest in a bid to create a realistic plan.
Secondly, prioritize your payback, debts with high-interest rates, like credit cards, should be tackled first. Focus on paying them down aggressively.
Don’t be afraid to reach out to your creditors and negotiate for better terms. Explain your situation and see if they’re willing to offer lower interest rates, extended repayment periods, or even one-time settlements.
Now with your debt assessed and a plan in place, it’s time to rebuild your financial reality. Start by reviewing your holiday spending with a critical eye.
Then, craft a budget that reflects your new financial reality. List all your essential expenses, from rent and utilities to groceries and transportation, and, factor in variable costs like entertainment and dining, but be realistic!
You can now build an emergency fund, this will protect you from unexpected shocks, like car repairs or medical bills, and prevent you from relying on debt when things get tough.