Well, hasn’t this year gone quickly? It wasn’t that long ago, it seemed, I was talking about saving for Christmas. And yet, here we are again.
Of course, most of you would have read my previous post from last year about saving for Christmas, right?……………right?
Here are some tips for surviving Christmas.
Set a budget
It’s so easy to get carried away with making this time of the year so special. Who doesn’t love the magic of Christmas and so we mess with our ‘control factors’ just a little with all the intention of fixing the finances after the season. Unfortunately, most don’t.
So, set yourself a budget on all things Christmas. The presents, alcohol, food bill are usually the big ticket items. I read a story recently that a woman in America spent $3,000 on one child for Christmas this year. Lucky child! The first questions I asked myself were: Is she rich, because maybe she can afford it. Did she use credit, because that is going to take a while to pay back if she doesn’t have a spectacular paying job. The trick here is to be reasonable with yourself. What is ‘actually’ needed to provide a decent, memorable, fulfilling Christmas celebration?
If you are cornered into using a credit card, make a pact with yourself that you will increase the usual amount you pay from the first pay after the holidays. Then put your credit card in a draw.
Just by paying as much as fifty dollars extra a month you can save. In this scenario if you were to just pay the minimum amount it would take approximately thirty two years to pay off this card. Yes, that’s right 32 years. If you fixed your minimum amount at $150 it would take 3y11m and by fixing the extra fifty dollars it would take you 2y8months. Why not lock that plastic terrorist in the draw anyway.
So, here are two ways to make your financial Christmas a little better. I hope you enjoy the coming season and from my family to yours, we wish you a Merry Christmas. Take care.