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Holidays are over and You’re Broke

So, the holidays are over.  You feel broke as a joke but the only one laughing is same credit card company that sent you your post-holiday bill.  Looking at the statement and acknowledging that every transaction is correct, you must now admit that you overspent during the holiday season.  WOW!  You didn’t realize that you spent THAT MUCH! Now it’s time to pull your purse strings up and get down to business.  Secure Planning Strategies understands your situation and wants to help provide some ideas on how you can get back on track with your spending.   

First, look at your expenses and see what items you can cut or reduce.  For example, if you have had your checking account at the same bank for some time, you might have not realized that your banking institution may have started charging you fees.  Please remember that free checking account is no longer automatically free so you might want to investigate your current bank fees.  If you have to, change banking institutions and it will help you save money.  Also, see if you can cut certain plans, such as your cable or phone service plans.  Whatever you can do to lower or eliminate an expense, will go directly to pay off your debt or build up your savings.     

The next idea might cause a twinge of pain but it is necessary and can also be creative.  Have what we like to call a “no spending day” every two weeks.  OK. How much pain did you feel as you read that prior sentence?!?  We promise, it gets better so stay with us.  Pick a day where you do not spend any money, except monthly required bills.  Let’s lay it out here.  No spending days means that you don’t go to the movies, drugstore, grocery store, or any other store you can think of to go.  Yes, no spending also includes saying no to retail therapy and going out to lunch.  You don’t spend a dime, which means that you are going to have to find another way to occupy your time and use up whatever you have in your kitchen panty.  Instead of spending, invite your friends over for a potluck game night and challenge them to the same “no spending day” and see if you can rally some support.  

At Secure Planning Strategies, we hope you enjoyed some of our ideas on saving and please feel free to check back weekly for updated blog post articles and future saving ideas.  If you are looking to protect your financial future, please feel free to contact us to talk about your situation at: (248) 827-2580 or e-mail us at