Many people tend to spend more than they should during the holidays. What with decorating, hosting meals, and gift exchanges, it's easy to go over budget and find yourself needing debt help. If this sounds familiar to you, here are a few tips to help you get back on track financially after the holidays.

3 Tips to Get Back on Budget After the Holidays

1. Take Stock of Your Situation

It can be uncomfortable to come face-to-face with the amount of money you owe. However, for any debt help measures to be effective, you need to know where you stand. Add up all your holiday spending and compile it with your existing debt, including credit cards, outstanding mortgage, auto loans, and any other money you owe.

2. Curtail Your Spending

The next step is to stop adding to your debt. Limit spending to essentials, and stop going out to eat and shopping for entertainment. Your priority should be to chip away at debt. You’ll be glad you did in the long run.

3. Start With the Highest Interest Debt

After you've cut your spending, direct those freed-up funds toward repaying your debt. Decide what you can afford to spend each month, and keep current on each bill.

As much as possible, try to pay off the entire balance of the card or loan with the highest interest rate. Pay the minimum amount on any other debts. Once the highest is paid off, focus on the next highest-rate card until you’re debt-free.

If you need debt help and legal representation, contact Donald L. Spafford, Jr., Attorney at Law in Honolulu, HI. This personal bankruptcy attorney has more than 30 years of legal experience helping clients throughout Oahu. He and his team also take debt consolidation cases. Visit their website or call (808) 532-6300 to schedule a free debt help consultation.