For some this is a wonderful time of the year. But all the gift-giving, and entertainment associated with the holidays can also bury some in debt.
Have you made it your goal to stay out of debt this holiday season? Or are you already calling your credit card companies to raise your credit limit?
The last thing you want to think about during the holiday season is how you’re going to deal with the debt. Nobody wants to, but it’s a real problem that can damage your credit and ruin your holiday experience.
Avoiding debt during the holiday shopping season can be difficult, but it is doable. Just be practical about what you are buying and plan ahead.
Here are some tips on how to avoid debt this holiday season.
Make a holiday shopping budget
Most people have extra money that they plan for holiday shopping. Before you start spending, make a holiday shopping budget and stick to it.
Also, stick to a gift budget. Get with family and friends and suggest that everyone abide by gift limits. Or consider a gift drawing, where everyone draws names out of a hat to see whom they will be buying gifts for. This way you can keep to your holiday shopping budget, and help everyone else stick to theirs as well.
Be smart about credit cards.
Using credit cards to earn rewards or cash back for holiday purchases can save you money. But only if you’re able to pay off the balance on your cards each month. The interest that you’ll have to pay on interest if you carry a balance will far outweigh the value of the rewards.
Department store credit cards are horrible deals. No matter how tempting that 10% savings may sound, carrying a balance for months easily erases that savings with interest charges.
It also doesn’t hurt to keep an accurate record of every purchase you make. Debt can accumulate because you’ve forgotten that you’ve bought something. This can be especially detrimental if you use several credit cards.
Enjoy Your Holidays and Avoid Debt
It’s easy to get lost in the splendor of the holidays and forget your responsibilities. Keeping your budget in mind will allow you to enjoy the holidays and avoid debt this holiday season.
The holiday season is nearly upon us. Which means you can expect to be bombarded by advertisements. Black Friday is no different.
Holiday shopping is stressful — fighting crowds. Picking the right gifts and finding good deals can be exhausting.
But for many, the worst part about holiday shopping comes from the many financial pressures the season brings. Including saving enough for all the gifts you need to buy and struggling to stick to your budget. In fact, about 60% of people say spend too much during the holiday season.
About 63% say that holiday shopping puts a strain on their finances. So here are some easy strategies you can and avoid overspending on Black Friday and Cyber Monday
How do you handle your money more intelligently, so you can have more, give more and get the life that you want?
Here are some things you can do to start managing your money now.
I get emails all the time asking “Carrie-Anne, how do I make more money?”
So what do you do when you don’t have money?
I get it. I’ve been through that challenge and struggle. There were days when I was not sure where I was going to get the money just to buy a few groceries. For a long period I had to juggle paying things or buying food.
I was struggling. What do I do? How do you overcome that?
You begin with yourself not your bank account. If your self-worth is low, your value in the marketplace will always be as low. If you don’t value yourself no one else is going to value you. – Brendon Burchard
Have you ever wondered what makes you different from successful people? Do you want to know how successful people think?
There is a huge difference in the way successful and unsuccessful people think. Success itself is not a great mystery that people haven’t figured out before. Even though when we are struggling, when we are fighting and we are just trying to get by. It can feel like this unknowable process. We all know success is a mind game. Look across history, successful people don’t come from a given background. They don’t come from a special economic statue. Some people succeed, others don’t.
So what makes successful people different? How do successful people think?
Are your money beliefs holding you back? Almost everyone is uncomfortable talking about money. People have trouble talking about money without eliciting extreme human emotions. Guilt. Anger. Frustration. Joy. Happiness. Freedom. It’s sometimes easier for people to talk about sex than it is about their money situation.
At its core, money is about power. Whether you have it or you’re working towards it, money is ever so often a source of limiting beliefs.
Does money affect your self-worth and self-esteem? There is an interesting correlation between money and self-esteem. The legendary author Brian Tracy talks about a time when he bought life insurance. It gave his family $1m in cover placed on his life.
He says that right after that decision he started to feel differently about himself. He started to feel like he was worth $1m. His levels of self-worth and self-esteem shot through the roof!
Like it or not we live in a world where money is important. So what happens to your self esteem when you as struggling with money problems? Does money affect your self-worth and self-esteem?
One of the biggest challenges in personal finance is figuring out how to lower your monthly bills. And one of the best ways to do that is to cut down on your monthly expenses. Some of our regular bills might seem small on their own, their cumulative effect can be enormous. They can become a huge drain on our resources.
Big bills can be such a consistent pain in the neck. I don’t know about you, but I’ll go months, even years, without investigating ways to cut them down. Even when it could mean saving thousands. The obvious reason: is now knowing how to shave rands off fixed costs like a utility bill.
Many people look for ways to cut expenses that are both easy to put in place. So how can you lower your monthly bills? Here are a few ways to save money that you can try one by one without too much hassle.
STOP! Take a look around you.
The debt. The stress. The mess. The fear. The hopelessness.
Own it. This is your life right now.
The choices that you’ve made up to this very moment have created this. I know what that feels like because I was you. I wasted money and spent more than I made. It felt hopeless. There were times I lie awake at night worrying about how I was going to pay all my bills. It felt like I was drowning in the bills and that there was no light at the end of the tunnel.Will I ever recover from this financial disaster? It’s an awful feeling, right?
A personal financial crisis can come from many things. A lost job, a divorce, bankruptcy, a sudden medical emergency. Or any situation in which your financial security crumbles beneath you. Regardless of the cause, the consequences are often similar. Emotional stress, confusion, perceived loss of control, and loss of confidence.
That’s why having a financial plan in place will help you best prepare for any financial crunch.
Too many people feel the need to fake appearances, to appear ‘normal’. Social media makes us feel like we are not enough if we are not posting pictures of family holidays, new cars or parties. In reality, so many people are facing a personal financial crisis but why are we afraid or ashamed to talk about it or to seek help.