Take Control of Your Holiday Debt

Minute Read

Take Control of Your Holiday Debt

Some years we go a little overboard during the holidays and credit card debt may pile up. If your savings account looks a little questionable moving into the new year, we can help! Follow these simple steps to regain control of your finances and recover from holiday debt. From cutting spending to learning how to pay off holiday debt, we’ve got you covered. 

Get Organized

Before you can reduce holiday debt (and eventually eliminate it), you must organize your finances. Look at the numbers, make a plan, and stick with it.

  • First things first: look at your accounts. How much do you have, and how much do you owe? Look at your checking account, savings account(s) and all your credit cards. Write down the numbers and determine how much you owe.
  • Consider a new budget to help with your debt repayment plan. What does your budget currently look like? Can you make some spending cuts? Try to limit your spending so that you can pay off your debt as quickly as possible. If you need help trying to figure it all out, consider utilizing our Members 1st Concierge service, a members-only resource that matches you with a personal concierge—your go-to for all things financial-related.
  • Hold yourself accountable. Make sure you are paying your bills on time and consider setting up automated payments using external transfer. Review your finances every month to see your progress and what you might be able to improve upon. Do not give up! Keep paying off that debt, even if you know it is going to take some time.
5 Tips to Save Money

In addition to repaying your debt, you can do some additional things to save some money along the way.

  • Go on a spending freeze. To free up additional funds, go on a spending freeze for one or two weeks. Try a month-long no spend challenge if you can. For the next few weeks, do not purchase anything that is not necessary.
  • Sell or return unwanted gifts. We know how this sounds, but if you will never use the item, why not sell it? Facebook Marketplace is a great option for selling a gift you do not need. However, make sure you are only there to sell items—not buy them!
  • Unsubscribe and uninstall. Do you often purchase items that come up in your emails or on your apps? If so, unsubscribe from those emails and remove those apps. You will have a much lower impulse to buy something you do not need if you no longer see those ads!
  • Consolidate your debt. If one or more of your credit cards have high balances, transfer your debt to one of our Visa credit cards®. With a balance transfer at a low introductory rate, you will spend less on interest in the long run.
  • Start saving for next year. Once your debt is paid off, start saving for next year. Consider opening a Goal Savings Account or a Holiday Club Account to help meet your savings goals. Then, do your very best to stick to that budget when next year’s holiday season arrives. That way, you can skip all of that after-the-holiday debt stress.

If you need help paying off debt or developing a savings strategy, we would love to help. Contact us or visit one of our almost 60 branch locations when you are ready to make a financial change.

Make a Financial Plan

All members at Members 1st have access to our MyConcierge™ service. Your personal concierge will help you create a plan to achieve your financial goals. Become a member and take advantage of our free MyConcierge service.

Learn More About MyConcierge
Our Blog

Recommended Reading

Budget Successfully, Borrow Wisely
How to Catch Up on Bills After the Holidays (Or Anytime)

Many people fall behind on their bills—especially after the holidays. Knowing that you owe money is stressful, but you can recover and get caught back up on your bills.

Read More
Save Easily, Spend Carefully, Budget Successfully
3-Month Holiday Savings Challenge

Often, it feels that the holidays pop up out of nowhere. One minute it’s the end of summer, and school is just starting, and the next minute it’s a scramble to buy gifts and bake cookies.

Read More
Budget Successfully
Budgeting Tips for Beginners

If you're new to budgeting, there are five things you need to know. Don't feel overwhelmed—budgeting is easier than you think!

Read More

Please be aware that by continuing you will be leaving www.members1st.org and viewing content from another website.

For your protection please be advised that public Internet email is not secure. Various links within our web site allow you to submit information to us by public Internet email. Please DO NOT provide personal or account information through public email or submit any personal information that would compromise your identity including your account number, social security number, credit card numbers, electronic services PINs, passwords or mother's maiden name. Members 1st will not respond via public Internet email to requests-for-account-information or account activity. Please contact Customer Service with these types of requests at (800) 237-7288 or (717) 795-6049.