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I'm Dreaming of a Debt Free Christmas...
Tired of ringing in the New Year with last year’s debt? When you hear “Christmas Budget,” I imagine many of you “plugging your ears” and chanting, “la la la la la la la la la.” This may have worked when you were seven, but now you have to face reality!
It’s hard to think about cutting back when approaching the holidays. Thus, the bloated credit card bill in January. However, if you want to change your financial future, what are you willing to change today?
We spend more money in November and December than any other time of the year. It pains me when clients come in for financial coaching in September, or later, and want to spend $1000 on Christmas, but haven’t put away a single penny. We have to calculate how much they will need to save over the next three months, and it’s usually impossible to cram that savings in at the last minute. Dave Ramsey says, “Christmas is always on December 25th,” but many of us are surprised when it’s that time of year again.
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Holiday Budget Tips:
1. Set a limit on holiday spending. Decide how much you can and want to spend and stay within your limit.
2. Sell Something: EBay is a popular site this time of year. You’re not alone in looking for a bargain when fulfilling your Christmas shopping list. You can be an eBay seller and bring in some extra cash for Christmas this year.
3. Downsize Your List: Cut your list down to the ones who matter most. Not everyone needs a gift from you. Send Christmas cards
to those who don’t make the cut.
4. Shop early to avoid the tight deadline that leads to overspending.
5. Handmade Gifts: You can bake items and put them in holiday containers. The dollar stores are a great resource for inexpensive tins and other containers. Frame some memories: use pictures you’ve taken over the past year to create one-of-a-kind treasures.
6. Re-gift—You heard me right. Contrary to some gift giving etiquette, if you’ve received something that you’ve never used, maybe never even taken out of the box—it’s okay to give it to someone who would enjoy it. Just make sure they’re not the one who gave it to you.
7. Undo your mistakes. Overspent on an item or two—return them. No one will ever have to know.
8. Okay—this one’s for next year. After Christmas, decide how much you want to spend in 2011 and divide that by 12. Put that amount in an envelope marked Christmas and next year you will be way ahead of the game.
Lou Beaird Coaching 210-573-8620 coach@loubeaird.com
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