We hope you enjoyed phase one of dealing with a Christmas hangover, now it’s time to move on to past two!

If you went a bit beyond what your budget had allowed for (or bypassed the budget altogether) here is a 3 step way to get back on track. Don’t let a holiday slip-up keep you down, you can still reach your Christian debt management goals.

Step One- Assess the Damage

First things first, gain a full understanding of your financial situation. Hop online to review your online statements, or review your statements once they come in the mail. If you took to your credit cards for your gift giving, review all of them and tally up the balances. If you reached into your savings account or even your emergency fund, you’ll want to know how far you went beyond what you can really afford.

Step Two- Make a Commitment

Now that you know just how much needs to be paid off or replenished, you can make a commitment to make it happen. A good commitment is achievable, clearly defined and has a time limit. You may need to pay/save $400 in two months. No matter how far you went off track, don’t make a goal that is unrealistic. Create it, say it and mean it.

Try to keep your goal at two months or less to take advantage of the bonus below.

Step Three- Re-budget

You’ve got your commitment in place, now you need to find a way to make it happen. The end of the year is always a good time to revisit your budget and your financial goals. If you do not already have a written one in place, now is definitely the time to create an honest budget.

If you were really honest in creating your budget, you will probably find that you have a few things that you can give up in order to reach your goal. Specialty coffees, impulse purchases and eating out are a few of the top budget breakers.

Here’s Our Free Christmas Tip For You

Giving feels great. Sacrificing to recoup afterward, not so much. However, you can absolutely turn this Christmas debt hangover into a tremendous opportunity for financial growth.

It is scattered throughout the internet that it takes 21 days to turn something into a habit. The new spending habits you develop in step three don’t need to stop after the Christmas debt is gone. Let’s say you had to pay/save $400 in two months as mentioned above. By this time 2014, you’ll have paid off the 2013 Christmas debt and saved $2,000 on top!