If you spent a little too much during the holiday season, your generosity was certainly appreciated but it might have left your finances in rough shape.
Sam Scro, President-CEO of Auburn Community Federal Credit Union, says you can get out of debt in the new year.
“There are ways of getting out of it” Scro says. “It’s just disciplining yourself, being realistic as to the debts you owe, the monthly amounts that you are required to pay in order to stay current on your debt, and to work off of that and balance the money that you have coming in.”
Scro says your first step should be to make a monthly budget. Figure out your total income and then write down everything you spend money on. Be sure to include your housing payment and all bills, but also include spending on non-essential items like buying coffee, dining out and entertainment activities such as going to the movies. Creating a budget will help you see how much money is coming in each month and how much you are spending.
Other tips include:
- Take advantage of low interest loan offers and consolidate debt at ACFCU.
- Pay more than the minimum amount due every month on your bills.
- Cut out frivolous purchases like stopping for a coffee every day. These expenses add up.
- Try a no-spend month where you spend only on essentials. No dining out and avoid activities that require spending money.
Scro says don’t despair – those holiday bills that are lingering will disappear, in time.
“You will eventually get out from under it. It’s just a matter of how quickly you do or how you do it, how you approach paying that debt down.”
Auburn Community Federal Credit Union has three locations:
- 2651 Erie Drive in Weedsport
- 65 Wright Circle in Auburn
- 101 Prospect Street in Auburn
Auburn Community Federal Credit Union just announced its first location in Onondaga County, at 7538 Oswego Road in Liverpool. A Spring 2022 opening is expected.