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Managing your holiday bills

December 18, 2023

Young woman drinking coffee while looking at her laptop.

The holiday season is a time for giving—and a time for spending! If making it “the most wonderful time of the year” also made a dent in your bank account, now’s the time to start planning how to get rid of holiday debt.

Here are a few tips to help you manage those extra bills and start the new year on the right financial foot:

  • Give yourself a deadline. An important first step in managing your debt is deciding how much you need to pay, and when you want to do it. Look at your end-of-year spending total, and then set a goal to pay off that amount by a reasonable deadline. Like Tax Day, April 15!
  • Go on a spending freeze. Saving is a great way to start chipping away at debt, so consider choosing a month to spend on essentials only, like groceries and rent. This will beef up your savings account and help pay down your credit cards. Learn more about how you can make savings work for you.
  • Postpone large purchases.If you didn’t buy that new big-screen TV you wanted for the holidays, consider waiting a little longer. RCU’s online budget building tools can help you plan for later, while prioritizing today.
  • Plan for next year. It can be difficult to plan far in advance, but the earlier you start setting aside money for next holiday season, the less stress you’ll have this time next year. RCU offers a number of ways to help you set aside money for next year like opening a savings certificate.

Whatever your 2024 goals, RCU is here to support your financial health! Explore more resources in our Financial Wellness Center.