If you spent more than you had intended for the holidays, you may be apprehensive about going to the mailbox. Getting bills or seeing a statement for a depleted savings account is never fun.
However, there is a way to get back on track, according to the Oklahoma Society of Certified Public Accountants. Consider a spending diet.
What is it?
A spending diet might be considered extreme budgeting. Basically, the dieter vows to not spend any money outside of fixed expenses. However, the most successful dieter will review fixed expenses and look for ways to cut costs there, too. The idea is to spend only what is vitally necessary in order to push additional savings toward debt or building savings.
Here’s a spending diet tip:
To increase income, you will likely need another job or you need to sell some things. If you have a few extra hours on the weekend, you may as well be earning money with them. Additionally, almost everyone has stuff they can sell. Go through your things and figure out what items have value and what you can sell. Next, look for ways to sell the items, like on eBay or Craigslist. Do be cautious, though, and refrain from giving away too much personal information and, if necessary, meet in public to exchange money for property.