The holidays are wonderful and magical...that is, until the bill for all those gifts comes in. The average household will spend $1200 this holiday season - and all that spending can do some damage on your 2018 budget. So, if your gift list really hit you in the wallet, Jimmy Rhoades and money-saving expert Lisa Lee Freeman are giving you the cure for your financial holiday hangover.
1. Sell Unused Gift Cards
Got some gift cards this holiday that you know you aren't going to use? Put them to real good use by selling them. GiftCardGranny.com, CardPool.com, and Raise.com are all sites that will let you post your gift cards for people to bid on. Then, when someone buys your card, you get paid, and can put that cash to work on those credit card bills.
2. Pay Off Store Cards
Store loyalty cards are known for their incredibly high interest rates, so, make sure to pay these bills off by their deadline or you might end up having to fork over more money thanks to those interest and penalty fees.
3. Get to Your Taxes
Once you get your tax forms around the end of January, file as soon as you can! The sooner you file, the sooner you'll get a refund that can help put a dent in any credit card debt you might've acquired.
4. Lower Those Interest Rates
If your credit card account is in good standing, you can give your credit card company a call and ask if there are any chances they'll take a few points off of your interest rate. And if you can't make any interest changes, consider transferring your balance to a card that comes with lower rates.
Bankrate.Com is just one of many sites that can help you find the card that'll work best for you and your budget.
Consider putting away a certain amount of money each month, specifically for the holiday season. That way, when December rolls around again, you've already got a fund to pull from, putting yourself in a better position to stay out of the holiday debt hole.
Do you start your holiday saving at the start of the year or do you wait until a few months before the season? Tell us on our Facebook page, @TheListShowTV.