As the holidays have come and gone, Mike Reeves, wealth management advisor of Strategic Wealth Designers, explains the best approach to avoid overspending and handling multiple debts at once.
“There is no magic formula here,” Reeves states, “It is just critical now to spend less than you make. You want to look at the budget.” He explains that it may not be ideal, but you must tighten your budget and take some of the money you have saved for entertainment and allocate that to your holiday bills.
When you are looking at multiple debts at once, many people are inclined to look at the accounts that have the highest interest rates first and tend to get overwhelmed. Reeves suggests, “Let’s focus on the small victories. Take the smallest bill, pay that one off then maybe another. Get some momentum going then shift back to the debts that have the highest interest rates. Kind of a blended approach to help some people get started on that.”
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