1. You Spend Too Much During the Holidays

If you get a little too holly jolly with your money during the holidays, you’re hardly alone. There are parties galore, with food to bring and outfits to wear. And, of course, the presents. It’s easy to overspend during the holidays, even if you think you’re getting the best prices through sales days like Black Friday or Cyber Monday. In fact, Erika Kullberg, attorney and personal finance expert and founder of Erika.com, said that the lure of these short-term deals can actually compel you to spend more than you intended. 

“The promise of short-term deals can be super alluring and really hits us with that fear of missing out if we don’t grab the deal,” she said. “But more often than not, the sales really aren’t all that good, and [the items] will more than likely be available during the next big sale.”

She encourages you to resist the temptation to unearth your credit card whenever you’re tempted by those big sales. Sure, if there’s something you’ve really had your eye on and built into your budget, you can treat yourself. However, don’t just get it because it’s shiny and bright — and available. You might not get a lump of coal in your stocking, but you’ll possibly blow up your budget and rack up high-interest credit card debt.

2. You Get Too Generous

Nobody could fault you for getting a little too into the spirit of goodwill that the holidays encourage. Except maybe your wallet. Your wallet is eyeing that extravagant Power Wheels setup you got for your niece like the Ghost of Finances Future, come to warn you about how broke you’ll be once the tree comes down. It also has some strong words about your need to one-up everyone in the office at this year’s white elephant competition. 

“It can be so easy to get so caught up in giving gifts, but sometimes that can end up hurting your finances,” said Kullberg. “Personally, I’ve stopped giving gifts, and that’s OK to do. Not everyone you know needs a gift — you don’t need to bring a hostess gift, and you don’t need to purchase expensive gifts.”

3. You Over-Rely on Credit Cards

Yes, using credit cards for big-ticket items or even general holiday spending can earn you some amazing cash-back rewards and ensure purchase protection. However, over-relying on credit cards without having a plan to pay them off can be like biting into a tasty-looking dessert only to discover it’s fruitcake. 

Kullberg said none of the perks of using your card matter if you can’t actually afford to spend that money. “If you don’t have the money in cash, don’t put it on a credit card for the sake of the rewards. The interest will quickly cancel out any rewards you got,” she added.

4. You Don’t Streamline Your Financial Goals

Like many people, you probably spend the end of the year thinking about your vision for the next one — and that vision includes achieving certain financial goals. You want to put more into savings, start investing, pay off debt, and make a serious impact on your retirement fund. 

But soon, you’re feeling so overwhelmed, pulled in so many equally important directions, that you just shut down. You haven’t even made it to your first New Year’s party and you’re already tapped out. 

Slow down. Breathe. Christina Roman, consumer education and advocacy manager for Experian, has some good advice: You don’t have to do everything at once. Start small and break your goals into manageable pieces, or take on one goal at a time. 

“While it may sound cliché, one of the best ways to reduce financial anxiety is by having a plan and a roadmap to follow so consumers know that they are actively taking steps to reach their goals and alleviate their stress,” she said. “Taking a larger goal and breaking it down into small achievable goals can help to build confidence and momentum in the process.”

5. You Haven’t Done a Financial Assessment

To start the new year well, you’ve got to understand where you stand at the end of the current one. In other words, time to roll up your sleeves and sit down with your records, including your bank and checking accounts, as well as your credit statements. 

“This may feel overwhelming, but knowing exactly where they stand financially can empower consumers to make more informed decisions,” Roman said. “It’s important to set aside time to review all financial accounts, identify how much money is coming in every month versus what is going out, and calculate any debt that may exist.”

By avoiding these common end-of-year money mistakes, you can start the new year with a healthier financial outlook. Small changes, like being mindful of holiday spending or setting achievable financial goals, can make a big difference in the long run. With a little planning and discipline, you’ll be well on your way to a more secure and stress-free financial future.

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