Help! I Overspent.

Trying to find the perfect gift for every person on your list is daunting. Often, we overcompensate trying to find the right gift by finding an expensive gift. The result, you’ve overspent. So, what do you do now that you have overspent?

First, call your credit card companies and request a lower interest rate. This will help minimize the amount of interest you pay and helps you put more money towards the balance you owe.

Second, figure out which budget categories you’ve overspent in, how much you splurged, and how it might impact your other goals. You may need to adjust your budget next month by eating out less or spend less time doing paid outings, like going to the movies with friends.

Third, talk with your financial institution. You may be surprised by the debt management resources available to you. For example, at Together Credit Union, we have partnered with GreenPath Financial Wellness to offer our members Free Financial Counseling, a Debt Management Plan, a Credit Report Review, and more.

Fourth, understand your spending triggers. Just because you have overspent on one item doesn’t mean you have to continue overspending on other items. Often, we overspend because of emotional spending. Emotional spending occurs when we feel stressed-out, under-appreciated, unhappy, or from a variety of other uncomfortable emotions. If you feel these emotions, take a break, practice self-care- go for a walk, practice guided breathing, call a friend – and put shopping on hold.

Overspending happens to all of us. However, you can put yourself back on a path to financial stability by facing your financial problems head-on. To learn more visit: TogetherCU.org