Holiday spending and unexpected expenses related to the ice storm have left many feeling less than jolly.

Margo Mitchell, president and CEO of Consumer Credit Counseling Service of Oklahoma, expects the agency will have a busier January than in the past because of the ice storm's effect. The group offers money management and credit ed ucation.

People were forced to buy meals, flashlights, candles and other items they hadn't anticipated, Mitchell said.

Then, as power came back on, they wanted to get in the Christmas spirit -- so they went holiday shopping.

"I think their budgets will be impacted," she said.

For those consumers who may have overspent this holiday, Mitchell provided some tips to help them regain their financial footing.

Tally up all expenses and review budget.

She also suggests tracking ex penses for a few weeks to find spending leaks.

"Write down for one whole month where you spend money. You'll be shocked," Mitchell said.

Then, look to see where you can make some adjustments in your budget. Maybe, instead of going out to dinner every Friday, eat out only one Friday in January, she said.

Now also may be the time to find ways to stretch your food budget, Mitchell added.

Try fixing meals from scratch rather than buying them already prepared or prepackaged, which is much costlier.

Focus on paying off credit card debts.

Also look at the credit card bills with the highest interest and pay the most you can to lower those expenses. If possible, try to pay more than the minimum amount due, she said.

Apply any extra money received during the holidays to paying off debt.

If you received a raise in December, use that to pay off debt. The same goes for a bonus, said Mitchell.

Soon, people will start filing their tax returns and receiving tax refunds, which also can go toward lowering debt, she said.

Don't let post-holiday sales lure you into more debt.

Do you really need a new sweater, a new tool for the garage or a pair of shoes?

"I'm concerned people will see these great offers. . . . Don't borrow additional money at this point and time.

"Stop spending. There's the answer."

She also warns against being attracted by promises that seem too good to be true.

Some retailers solicit shoppers with offers of interest-free purchases, but people really need to read the fine print to understand the related fees, she said.

Laurie Winslow 581-8466
laurie.winslow@tulsaworld.com

Credit help

Consumer Credit Counseling Service is an educational, nonprofit agency that offers money management and credit education through confidential counseling and community workshops.

For an appointment, call 744-5611 or visit the agency’s Web site at www.tulsaworld.com/cccs.

Those outside the Tulsa metro area can call (800) 324-5611.