by Cynthia Wall

Created on: January 03, 2009   Last Updated: April 14, 2011

The economic woes of 2008 led retailers to offer incredible sales and guess what? They worked. Tossing caution to the wind, you bought with a "seize the day" mentality. Now, the day after is here and all you have to show for it besides thank you notes are a stack of credit card bills. Here's what to do:

• Write a note to yourself. Put down all your dismal thoughts on paper include the numbers of how much you owe. Place this sad message in an envelope and write on it "To be opened November 1, 2009." Next November, read it each day before you go shopping hopefully, you will learn from your mistakes.

• Organize your debt. It's kind of like peeking under the bandages at a horrible wound, but sooner or later, you must look if you're going to take care of it and make it heal. Place all of your credit card bills on the table and make a list of their balances, interest rates, and dates due. Next write a list of your other monthly expenses and your projected income. Pay off the highest interest rates first while paying what you can (hopefully more than the minimum) on the others.

• Trim your budget. Most people think of trimming their budget by giving up dinners out or delaying a car purchase. You can do way more than that. One of our favorite family books is A Tree Grows in Brooklyn by Betty Smith the story of a girl growing up in Brooklyn while the family tries to survive with little income from an alcoholic father. The clever mother tells the children they are playing "North Pole" waiting for Admiral Byrd to rescue them as they sleep in a tent in the living room and share meager rations. While we never went that far, the fact is that you can cut down drastically on your food bill by going back to survival basics. That means forgetting anything that comes in a can or pre-packaging. No more baby carrots, flavored pasta mixes, sweetened cereals, bottled water, soda, etc. Most families can cut 50% from their food budget by eating simple meats or proteins, fresh-cooked vegetables, and fruit. It doesn't hurt to make a game of it either.

Next, turn down your heat a degree or two. Make the most of every clothes washing or dishwashing load. Anything in your house that generates heat costs electricity turn off your dishwasher before it goes into the dry cycle; consider hanging clothes outside to dry if weather permits; let your hair dry in front of the fire. Using a woodstove or fireplace for part of your heat is a good savings, too, especially

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