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Bounce Back From Holiday Spending With These Budgeting Tips
- TODAY features BudgetNista Tiffany Aliche detailing steps to recover from holiday debt and set a realistic plan.
- She advises to create awareness of current spending and write down actual amounts spent.
- Aliche recommends freezing unnecessary spending for 30 days to cut costs.
- Suggestions include prioritizing essential expenses and tracking income to build a debt plan.
- Budgeting methods Snowball and Avalanche are introduced as two favorites for debt repayment.
- Snowball focuses on paying the smallest balance first for quick wins before tackling larger debts.
- Avalanche targets debt with the highest interest rate to minimize total costs.
- Balance transfers to 0% promo cards are mentioned as a way to manage debt payments.
- The guide notes that debt affects credit scores and emphasizes timely payments alongside balances.
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