Dec 28, 2022
How to Recover from Holiday Spending
(And put some $ back in your pocket!)
Did you overspend on gifts this holiday season? According to the National Retail Federation, consumers spent $312 on presents in the 5 days between Thanksgiving and Cyber Monday last year. Clearly, lots of us overspend on holidays and that’s because the majority of us don’t set up a budget for holiday spending habits and expenses ahead of time. If you have six people on your holiday shopping list, it would be wiser to decide in November – or better yet, now – how much you’ll spend on each. If your maximum is $100 per, you know right this moment that $600 is how much you need to have saved before you start shopping next holiday season. (Although you might want to save a little more for shipping, if indeed you have to mail any gifts, and really prevent a holiday spending hangover.)
Prevent holiday debt for next holiday season
Planning for holiday expenses will keep your gift giving going while keeping your holiday overspending under control. At this point, though, you need to recover, save money, consolidate debt, and pay down any holiday debt and credit card debt from this year’s holiday season holiday spending. You could meet with a financial advisor at your bank or use some of the following ways to get back on track financially.
Assess your credit card situation
Oh credit card debt. Easy to get into, especially during the holiday season, and tough to get out of.
What to do: Log on and check your credit card bill statements. If there’s a holiday spending charge you don’t recognize, handle it pronto. You don’t need to be paying for holiday spending that's not yours! Make a note of the balance on each of your credit cards and total them up. This way there will be no surprises in January, and you can prepare now. Also, note the interest rate for each credit card. Pay down the one with the highest rate first. For the cards with lower interest rates, make just the minimum payment (or, if possible, pay more than the minimum monthly payment) while you work toward paying down the higher rate card. Once that holiday debt is paid off, take the money that’s now freed up and put it toward the next debt. Repeat as needed. The faster you do this, the lower your interest payments will be.
In addition, you can consider taking a personal loan. The best have rates starting at 4%, far better than the 13% to 20% on a credit card.
Return unwanted gifts
Did you get something this holiday season that you don’t like or can’t use? Probably. So, return it. Even if you only get store credit for your returns, it’s worth the effort. At some point you’ll be able to use the credit for something you do like and can use and it won’t cost you anything to do so.
Sell gifts you don’t like that you can’t return
Never before has it been easier to sell stuff, and brand-new stuff is the easiest to sell of all. (Especially after the holiday season when those who didn't get what they were hoping for are eager to buy it for themselves.) Craig’s List, eBay, Facebook Marketplace are all easy-to-use options. But don’t forget consignment shops! Those mom-and-pop businesses deserve our support and are usually delightful to work with. Be careful though. Once you see how easy it is to make money with a consignment shop, you’ll be tearing through your closet, grabbing items you haven’t worn in years, and bringing them in. Just don’t hurt your back lugging those bags!
Donate what you can’t sell
Get a receipt, and it’s a tax write-off.
Sell gift cards you can’t use
You’re a Starbucks fan stuck with several Dunkin Donuts gift cards. Or maybe you received a gift card to Bloomingdale’s, Cracker Barrel, or Old Navy and there isn’t one near you for fifty miles. Sell them for cash at sites like Gift Card Granny or Card Cash. Then take the extra money and put it toward your credit card bills.
Challenge yourself to a no-spend January
Sure, you’ll still have to buy gas and groceries and other essentials, but a no-spend month is a great way to reign in the little extras monthly expenses that add up and January is the perfect time to undertake this endeavor. It can be fun, too, particularly if you get a group of friends or coworkers to do it with you. Together you and your friends can find things to do that don’t cost anything, and you and your coworkers can support each other in not going out for lunch every day. Keep track of what you didn’t do and the amount of you saved by not doing it then total it up at the end of the month. The amount of money you can save this way will astound you.
Use the gift cards you like
If you received gift cards you can actually use, to your favorite nail salon or hair salon, favorite restaurant, wine shop or other retailer, use them during no-spend January to reward yourself for being so fiscally responsible.
Start preparing your tax return
Nothing says “don’t spend money” like preparing your tax return. It literally kills the desire to go shopping. Focus on your tax return and, if you get a great refund, plan to use most (if not all) of it to pay down your credit cards or start an emergency fund.
Check your credit score
Coming off the holidays with holiday identity theft rampant, it’s important to stay on top of your credit score. If you see something incorrect or something you don’t recognize, the sooner you report it the better.
Reduce other expenses
Cable television. Magazines. Gym memberships. Weight loss and meditation apps. These and other monthly bills are subscriptions so many of us forget about, but still get charged for. Set aside time to review your credit card statements and checking account statements and you might be amazed at the number of items you thought you cancelled but are still paying for. Don’t have time to do it yourself? That’s ok. Try Truebill. The site searches forgotten subscriptions on your behalf quickly and easily. But just be aware that for every dollar you save by using the service, Truebill takes 40% as what it calls a “savings fee.” So if they save you $500 annually on a particular bill, they’ll charge you $200.
Switch cell phone carriers and get FREE wireless
At Life Wireless we believe in helping you keep more of your hard earned money in your pocket. And how better to that then with free wireless service from Life Wireless.
It’s not difficult to qualify for free cellular service from Life Wireless, if you meet certain requirements, and it takes just a few minutes to complete the application.
A little background
Life Wireless offers government subsidized free cellular service through the Affordable Connectivity Program to qualifying individuals and families. And, if you’re unemployed or participate in a government benefit program such as SNAP, Medicaid, Federal Public Housing Assistance, SSI, or WIC, you already qualify for this federally funded free cellular service.
About the Affordable Connectivity Program (ACP)
As we mentioned above, the Affordable Connectivity Program (ACP) is a government benefit program operated by the Federal Communications Commission (FCC) that provides discounts on monthly broadband Internet access service. ACP benefits may be obtained from any participating provider of your choice including Life Wireless. Only one member of a household can participate in the program and the service cannot be transferred to another family member or individual.
Because many families struggle to afford cell phones and Internet access, both of which are vital to staying connected with their children’s schools, doctors, and employers, among others, the Federal Government offers ACP and another program called Lifeline. Using both doubles your connectivity!
About Lifeline
Lifeline is a federal program created to help qualified households pay for connectivity services such as wireless and internet plans. As with the Affordable Connectivity Program, only one member of a household can participate in the program and the service cannot be transferred to another family member or individual.
Examples of one household:
- A married couple that lives together
- A parent/guardian and child who live together
- An adult who lives with friends or family who financially support him/her
Each of these are one household and must share one benefit.
Examples of more than one household:
- Four roommates who live together but do not share money are four households. They can have one benefit each, for a total of four benefits.
- 30 seniors who live in an assisted-living home are 30 households. They can have one benefit each, for a total of 30 total benefits.
Each state has different eligibility requirements such as receiving government assistance or having a household income that is at or below the federal poverty level for the state in which you reside.
In general though, you are qualified to receive Lifeline if you participate in any of the programs listed here:
- Food Stamps or Supplemental Nutrition Assistance Program (SNAP)
- Medicaid (not Medicare)
- Supplemental Security Income (SSI)
- Section 8 Federal Public Housing Assistance (FPHA)
- Veteran's Pension or Survivor's Pension Benefit
Additionally, if you are a resident of a Federally-recognized Tribal land, you may qualify under the following programs:
- Food Distribution Program on Indian Reservations
- Bureau of Indian Affairs General Assistance
- Tribally Administered TANF
- Head Start (if you meet the income-qualifying standards)
Even if you’re paying just $20 a month for cell service, wouldn’t it be great to have that $240 to spend on groceries? If you apply for Lifeline and are approved, you’ll receive:
- FREE Unlimited Talk & Text
- FREE 15GB Data (+ more data for California residents)
- FREE Smartphone (or bring your own)
Pair Lifeline with the Affordable Connectivity Program (ACP) and DOUBLE your connectivity
If you’re approved for Lifeline and you sign up for the Affordable Connectivity Program (ACP), you get two sources of free talk, text, and unlimited data that you can split between two phones. That means free cell service for you and free cell service for someone you love. If your child has been asking for a cell phone, this is a terrific opportunity to provide him or her with talk, text, unlimited data and the ability to stay in touch with you!
Of course you don’t have to split the service between two phones, you can keep it all on one. But it’s a wonderful option if your spouse, child or relative needs a phone but has been unable to get one due to the expense.
Whichever option you choose – to keep the data on one phone or split it between two – Life Wireless will make sure you receive the free talk, text, and unlimited data to help you stay connected.
Option 1: Combine Your Data
Activate Lifeline and ACP on the same device and receive unlimited talk, text, and data, plus 5GB of mobile hotspot.
Option 2: Split Your Data
Split your data between two phones or supported devices and you’ll have one device with ACP’s free talk, text, and 6GB of data and a second device with Lifeline’s talk, text, and 4.5GB of data (6GB of data in California).
Additional, important, details
Life Wireless service is a prepaid service offered to those eligible for ACP discount benefits and those eligible for Lifeline benefits. To maintain your service and benefits, you need to:
- activate your service by calling someone,
- initiating data usage (by going on Facebook, for example), or
- by responding to instructions from Life Wireless to activate the service.
To keep your account active, you need to use the service at least once during any 30-day period by:
- calling someone,
- answering a call from someone other than Life Wireless,
- sending a text message,
- using cellular data (again, by going on Facebook or Amazon, for example),
- purchasing additional service from Life Wireless,
- or by responding to a direct contact from Life Wireless confirming that you want to continue receiving service from Life Wireless.
Should your service goes unused for 30 days, you will no longer be eligible for Lifeline benefits and your service may be suspended (allowing only 911 calls and calls to the Life Wireless's customer care center), and subject to a 15-day cure period during which you must use the service (as described above) in order to fully re-activate your service, keep your telephone number and remain enrolled in the ACP.
For questions about Life Wireless, visit our Contact Us page here. To enroll now, use the Life Wireless Online Enrollment form.
Fast facts about Life Wireless
Yes, you can add more minutes and data!
You can purchase additional minutes or data one of the following ways:
- Go to www.LifeWireless.com and click "Add Minutes/Data"
- If you have a smart phone, go to your MyLifeWireless app and click "Add Minutes".
- Call Customer Service at 1-888-543-3620, or by dialing 611 on your Life Wireless phone.
- You can also go to any Moneygram location and use Receive Code: 7924
Yes, you can track your minutes!
Your minutes replenish each month on your anniversary date before end of the day. For example if you signed up and received your minutes on the 12th of the month, your minutes will replenish every month on the 12th of the month.
You can check your account balance the following ways:
- Go to www.LifeWireless.com and click "My Account"
- Go to your MyLifeWireless app on your phone, and click "Check Balance"
- Call Customer Service at 1-888-543-3620, or by dialing 611 on your Life Wireless phone.
Yes, you can keep your current phone number!
If your application is approved, you have the option to keep your current phone number.
Once you receive your Life Wireless phone in the mail, call Life Wireless Customer Service at 1-888-543-3620 and a representative will assist you in keeping your current number. Make sure that you don't call from your Lifeline phone and have your account number and password from your previous carrier handy.
Don’t wait. Get FREE wireless service now!
Posted 1 year ago