Here Are My Top 5 Tips To Help You Stay Out Of Debt As The Holiday Season Looms On Us.
1. Before you splash out on anything, give yourself a D-I-Y financial health check. Can you really afford all that you are planning to spend?
2. Set yourself a realistic budget and stick to it. Don’t just conjure any amount but look through your finances and base your budget on this.
3. Decide on spending the money you have i.e. money you actually have in the bank, not the credit allowances on your store cards, credit/debit cards, etc unless you have the means to clear them by their due date AND you are disciplined enough to do so!
4. Create a priority list of who is going to get what. Let’s be real here, you probably cannot afford to buy all on sundry everything and anything nor could you afford that 5-star luxury cruise. So narrow down your list to what’s really important. As for those who might be in a financial pickle right now, you might have to forgo the idea this year and plan better for next year.
5. Watch out for the ‘guilt trips’ when you decide to curb your spending to avoid a bad start to the New Year. You might also want to take a moment to consider what your motives are. Presents or spending money in generally should not be used to compensate for something else that is lacking!
BE WISE is the rule of thumb here. No one wants to cramp your style but do you really want to spend the rest of next year trying to make up for this years holiday season spending antics? Don’t know about you but I sure don’t want to enter the New Year penniless. Better to have a modest and affordable holiday season than to wind up like the hoards who gave their finances no thoughts and end up in a financial toilet!