Welcome back!
The first Wallet Watch of 2023 is here with a weekly recap of everything you missed as you were looking for the ibuprofen, polishing off leftovers and cleaning up confetti.
Every week the MLive economy team — reporters Lindsay Moore and Rose White and editor Danielle Salisbury — dish out news you could use but got lost in the holiday shuffle.
Before we launch in the new year let’s check on your financial wellness. How closely did you stay on track with your holiday budget? Did you blow it on parties and gifts? We’ve been there.
Actually a lot of people have been there.
Before Christmas, the National Retail Federation reported 43% of consumers said they don’t earn enough to cover the costs of gifts and holiday items. More than 30% planned to use credit cards.
Danielle talked with a personal finance and business expert to offer some tips on how to get back on track.
Right off the bat Dorethia Kelly, founder and CEO of #MoneyChat in metro Detroit, says to cut yourself some slack, halt the shame spiral and assess the damage.
If you overspent and need to make up the difference quickly then the first steps are to stop spending and pick up a side gig like Instacart, DoorDash or Uber Eats.
If the holidays put you in debt then it’s time to make some major cuts. Kelly suggests a two-month financial cleanse. Buy only necessities and look for cheap, or free, fun.
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