Whether it's the last-minute shopping or the peppermint mochas you needed to power through gift wrapping, it's easy to overspend during the holidays.
But don't despair! If you overspent a little (or even a lot) this holiday season, there are ways to bounce back quickly and with as little pain as possible.
Don't beat yourself up
You can't go back in time and spend less, so you shouldn't fixate on it. Instead, try to focus on the memories you've made with friends and family, not how much you've spent.
Likewise, feeling guilty doesn't help you to pay off debt faster, it will just make you feel worse. Getting back on track is about making the right choices, not how you feel about your situation.
Assess your situation
Like pulling off a Band-Aid, reviewing your personal finances hurts less the faster you do it. Open your credit card statements and look at your bank account to see how much you went off-course this holiday. Maybe things aren't as bad as you think. Don't be discouraged — just tally it up so you know where you are.
This is particularly important if your spending could cause you to miss a bill payment. Knowing how much you need to repay can inspire you to cut back on your everyday spending or pick up more hours at work.
Set short-term goals
If you're not where you want to be financially in the New Year, it's time to set new goals.
Decide where you'd like to be financially 30, 60 and 90 days from January 1st. How much debt can you reasonably pay off or during those time frames? What do you need to do to make that happen? What setbacks could you face, and how can you overcome them?
There are many ways to reach your goals — start making lunches to take to work, sell things you no longer use, take on a side job, or sell gift cards you got over the holidays.
Ask friends or family to check in with you to make sure you stay accountable. Or create a chart to put up on your fridge to track your progress. You can even make achieving your goals fun by competing with friends to see who can pay off the most debt or save the most. Make sure to celebrate every milestone you reach so you feel good as you recover.
Create long-term goals
Once you recover from the holidays, don't let all that discipline go to waste. If you're not doing so already, consider this a great opportunity to start thinking about your longer-term goals. Apply your new habits to plan your holiday budget for next year, save for a down payment on a home or start investing(article: "How to Start Investing: Make a Mountain Out of a Molehill") for your future.
If you're just getting started with investing, a robo-advisor like RBC InvestEase(article: "What is a Robo-Advisor?") might be a good fit. Robo-advisors have low minimum investments to help you start investing sooner, and you can get personalized recommendations — created by certified investment professionals — 100% online.