7 Tips to Recover From Holiday Overspending

It's that time of year when people realize just how excessively they spent during the holidays. You'll find out precisely the size of your splurge when your credit card bills arrive.

If you went overboard, don't panic. "At some point in our lives we have all overspent -- it's just human," says Richard Rosso, director of financial planning of Clarity Financial in Houston. Even the most financially restrained people sometimes break their budget. Anyone who says otherwise, probably isn't being honest.

Face the problem. Take a comprehensive look at what you spent during the holidays and what were the biggest splurges. "Face it, but don't be overwhelmed by it," Rosso says.

That's because if you get overwhelmed, then you'll likely stay deep in the debt hole because you won't tackle the problem.

Print out your credit card statements and look at where you spent most of your money. For many people that will likely not be because they purchased too many gifts for other people. More likely, the problem will be those gifts people bought for themselves, Rosso says.

[See: 9 Ways to Invest in a Post-Election Market.]

Realizing the true state of your overspending will allow you to institute a strategy to pay down the debt. If you don't do that then things could get even worse financially.

"Credit card debt interest is evil and people work too hard for their money to have interest charges accumulate," says James Parks, president and wealth advisor at Parks Wealth Management in Ridgewood, New Jersey.

With credit card interest rates frequently at double-digit levels, failure to pay off the bill quickly is tantamount to burning money.

You may need to institute some form of financial austerity. Think of it like a cash-saving diet. The alternative may be to use some savings, if you're fortunate enough to have some.

Spend less. One way to institute a savings diet is to stop spending on things you don't need.

Rosso says it's smart to focus on what you have, not what you want. For instance, you might want a new pair of shoes. But if you looked in the closet you might find there is already a barely used pair sitting on there. Why buy if you don't need to do so?

Likewise, do you really need to go to a restaurant?

[See: 7 Notable Quotes From Warren Buffett.]

A rummage through the kitchen cabinet might reveal great food that you can eat without needing to spend anything. A can of soup would make a perfect lunch. It's already been purchased, so during the cash crunch it might make sense to consume the soup.

Get cash back. Did you receive some unwanted gifts over the holidays? That's probably likely.

"Ask if it is something you can return to the store," says Rose Swanger, a certified financial planner at Advise-Finance in Knoxville, Tennessee. "If so, it may generate some immediate return to your account."

You may get an instant cash refund to pay off a bill. Or you may get a store credit which could be used to pay for an item of pressing need.

Sell stuff. You don't need to restrict yourself to cashing in brand-new things at the returns counter in the store.

"Look through your house for items that are still in good shape," says Rebecca Kennedy, a certified financial planner and founder of Kennedy Financial Planning in Denver. "Then sell them on Craigslist or Ebay (ticker: EBAY), or maybe to your neighbors."

It might be some books you don't need any more or a piece of furniture that no longer suits you. Most households should be able to find a few items that can hit the sale rack.

You'll generate some cash to help pay your bills, reduce clutter and recycle something to someone who really wants the item.

Earn more. Kennedy also recommends entering the gig economy. There are plenty of ways to earn a few extra dollars, from doing some handyman jobs to helping people construct Ikea furniture. Look at the websites Taskrabbit.com and Fiverr.com for gigs in your area.

There's a double plus here: With extra work you will likely have less time to spend money.

Tax refunds. The beginning of the year is when most people gather their tax documents. If you're due a refund from the government then file your tax return as fast as you can, says Kennedy.

Remember, when you do get the government check, use the money to pay off your debts.

Set a deadline. To make sure being in debt doesn't become a way of life you need to set a realistic deadline by which you will have paid off all your debt, says Susan Beacham, coauthor of the O.M.G. Official Money Guide for College Students.

[Read: 6 Tax Tips That Investors Need to Know.]

Finally, ask yourself why you got in this mess, Beacham says. Then write yourself a reminder so you won't do it again.

Simon Constable is a freelance economics and markets commentator for U.S. News & World Report. He has written for The Wall Street Journal, Barron's, TheStreet and Forbes, as well as many other well-known publications. He co-authored "The WSJ Guide to the 50 Economic Indicators that Really Matter," which was an economics category winner in the Small Business Book Awards at Small Business Trends. Constable is also a fellow at the Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise. You can follow him Twitter @simonconstable or find him on LinkedIn.