CHARLOTTE, N.C. — It's a great feeling to see your family and friends light up when they open that perfect gift you bought them over the holidays.
Come January, when the reality of the credit card statements start coming in, experts said it can be a financial headache.
Rod Griffin, senior director of consumer education and advocacy for Experian, said in a recent survey, that more than half said they are interested in making some kind of financial resolution in 2024.
"Money is back at the top of the list," Griffin told WCNC Charlotte's Jane Monreal. "When those bills come due in January, it can be a big headache, just like if you had too much eggnog."
The financial expert said the first thing to do to take control of your finances, is to find out the cause of your current financial situation. That means getting your credit report.
"Know what's in your credit history, it's free. You can get a copy once a week from each of the three credit reporting companies at annualcreditreport.com," Griffin said.
From there, he explained, you're able to make a plan, which could include automatic payments.
"That's step number two. You need to have a budget," Griffin said. "You need to know where your money is coming from, where it's going to so that you can plan ahead. So that you can use that budget to help you reach your financial goals."
Griffin added that having the right mindset will help with sticking to your new spending plan.
"Don't necessarily start with the money. Start with what you want to achieve. I want to have a vacation. I want to plan for the holidays next year. I want to do it when we need to buy a car in the coming months" Griffin explained. "Start with those goals and then use that budget. Use your information to help achieve those goals. Make it a positive part of the conversation."
He also suggested staying on top of preventative maintenance, like your car, or the heater in your home during the winter months.
He said people should make sure things like that are in good shape now, so they don't have to spend even more money down the line.