It’s a new year, and with it come a myriad of opportunities and ventures. However, before capitalizing on these potential openings, it is important that one first gets their finances in order.

Unfortunately, as a result of the end of year festivities, a number of individuals might have surpassed their monthly budget expenditure, hence are dealing with a number of dreaded credit card bills.

Indeed, a survey carried out by PwC dubbed the Canadian Holiday Outlook revealed that the average shopper in Canada spent roughly $1563 on festivities last month.

The survey shows that the amount on holiday expenditure has reason by 3.7 percent from the previous year.

A good guess would be that a majority of that money was probably an accrued credit card charge. Additionally, racking up such debt can result in stress and a lot of anxiety.

Moreover, another study carried out by the Manulife Holiday Debt Survey revealed that financial stress not only hinders people from meeting their New Year Resolution goals, but also impacts our mental and physical health.

With that in mind, here are some helpful tips to ensure that you manage any debts that you accrued during the festive season today.

Be Honest With Your Debt

Let’s be real. Chances are high that you have a balance on your line of credit, a charge on your credit card, or even a utility bill that you are yet to pay for.

Indeed, this is all debt and you have to start dealing with it today!

The wisest thing to do is to first make a tally of all the debt that you have, divide it by the number of months that you believe it will take to finalize all this debt, and then start focusing on making those payments.

Perhaps the wisest method is to begin paying off the debts that attract the highest debts as you progress to the other debts that attract smaller interest.

It’s wise to first write down all the debt you have and create a plan to eliminate it

Brace Yourself For Higher Rates

For many individuals, high-interest rates are no doubt the largest dent to their financial stability in 2019.

As a matter of fact, many analysts predict that there might be impending hikes in interest rates by the end of the month.

That being said, if you are anxious about your existing debt, then it would be wise to first access a loan calculate how an increase in rates by one or two percentage points will affect the payments that you make.

Sell, Swap, or Return Unwanted Gifts

It’s not the coolest thing to do, but staying with a gift that you overspent on, or really didn’t want in the first place, could mean a massive dent on your pocket.

Moreover, there is a booming business in the second-hand market.

All you need to do is simply post a couple of photos via a social media page and pretty soon, there will be an individual who will be more than willing to purchase the gift in question.

Additionally, you can also return it to the store from whence you purchased it in exchange for a gift card or cash.

For the month of January, cut back on some of the luxuries to save more money

Increase Your Income

Initially, side-hustles were thought to be a ‘student’ thing or something that ‘millennials’ do.

Fortunately, that’s not the case anymore. Anyone regardless of their income bracket can benefit tremendously from a side-hustle.

You can opt to find a part-time job that earns you a couple of hundred bucks a week, or even extend your skillset to consulting.

Indeed, adding a few extra hundred dollars to your income can help you greatly minimize the current debt that you have.

You can also find a side-hustle to increase your income

Have a Strict January

Yes, January is here, and as the proverbial tale goes, you will have to give up some luxuries to make ends meet.

Perhaps it’s high time to start bringing your lunch to work, revisit the good ol’ days of riding the bus, and say no to the club life for now.

Indeed, even sacrificing 30 days of the high life can save a few hundred bucks for you and leave you with a massive chunk of change.

Last but not least, take care of yourself. Considering that it’s going to be a hectic year ahead, ensure your health and mental wealth are at their optimum!