The Dreaded Hangover

Ah, if there’s a cure for this, I don’t want, don’t want it.
If there’s a remedy, I’ll run from it, from it.”

The famous Diana Ross lyrics from the hit song “Love Hangover” certainly do not apply to the financial hangover felt after overspending during the Holidays. Are you still feeling the pinch? Here’s the good news: there is a cure for it and we want it! Not to mention the fact, that we need it, too!

According to news outlets, the average family spent around $750 on gifts for the 2014 season. A large percentage of those people charged their purchases and will pay the balance over the next 11 months. Let’s make some assumptions and do a little math. Payments of $75 over the next 11 months will cost an additional $69 in interest (at an average credit card interest rate).

There’s a better way to do it.

Start a Holiday fund and save $68 per month for the next 11 months. Your fund balance will be $750. If you spend more or less, adjust the numbers accordingly. Finding ways to save, even small amounts, will propel you to the goal quicker. I can think of many ways to spend $69…or save toward the next goal.

As you think through how much the Christmas piggy bank needs to be fed each month, take a look at other ways to pay cash instead of charge. Start a Pig for each out-of-the-ordinary purchase. Would you like to take a week off at an all-inclusive resort for New Year’s 2016?

Pig this:

  • $2,000 divided by 12 months = $166.66 per month
  • $166.66 per month divided by 4 weeks = $41.66 per week
  • $41.66 per week divided by 5 days = $8.33 per day

Are you willing to give up $8.33 per day in coffee, lunch and other extras to work toward a week off at a sunny, all-inclusive Caribbean resort? Think about it! Plan it! Do it! Your future Pig will thank you.

Photo copyright: / 123RF Stock Photo


Deborah is co-writer of the best-selling book, The Secret to Winning BIG, and has been featured in the likes of Forbes, CNBC, FOX, NBC, ABC, and the Wall Street Journal. She is an award-winning financial consultant and helps couples take control of their money life. INC. Magazine named her as one of America's Trendsetters in Health, Wealth and Success and she has been named one of America's Premier Experts. Find out more and follow her on social media at

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