Holiday Budget - BAH HUMBUG!
It’s the holiday season and all the malls around the world are packed to the gills with shoppers. You’re purchasing things for your families and friends. You’re even purchasing for your furry four legged family members…then BAM!! January rolls around with those pesky bills; and reality, along with depression kicks in. I can’t believe I spent that much money you say. This can’t be right, you say. I have to call the credit card company so they can fix this mistake, you say. However, no mistake has been made and yes, you did spend all that money and YES you must pay. Now what?!
The holidays, in my opinion have lost its true meaning. Whatever you celebrate, and whatever religion you may partake in, I find that the true meaning of the holidays are being lost. It used to be about family and friends spending quality time together and sharing whatever they had with one another. It was the little things that were important. From my holiday memories, I honestly can’t remember the “things” I received, however what I do remember was how the holidays made me feel. I remember the nuts and fruits on the living room table. I remember the lights on the tree and my mom would put caramel popcorn balls on the tree and my little sister and I would start eating the ones in the back first so mom wouldn’t notice. I remember going around the building visiting with neighbors if only to wish them happiness and good will. When I was growing up, the only thing that was opened on major holidays like Thanksgiving was the bodega on the corner and it only stayed opened till maybe noon for those who may have ran out of something like milk or sugar to make those wonderful sweet potato pies. Now everything is opened so people can spend their hard earned money on things for those they don’t even care for, and some are spending much more than they have.
Some people may go into a panic and want or need to take a second mortgage out on the house; I’m not kidding, I’ve seen it done. So before you go into your neighbor bank asking for a loan, I have some suggestions for you.
If you must purchase for the holidays, utilize the “Secret Shopper” concept, especially if you come from a large family. This in itself can be a reason for your family to get together before the holidays--maybe you can call it something like, “The Secret Shopper Sweepstake Dinner” make it your own, make it a new family tradition and use the leftover funds to plan a family reunion.
When January rolls around…and you know it will, use what I’ve coined the “The Snowball Affect” Take the budget you have set aside to pay off your credits cards. For example let’s say $500 and you have two credit cards to pay. You owe $2500 on each and the minimum payment for each is $100. Instead of putting $250 on each card, as most people would do, you pay $400 on the card with the highest interest rate and the minimum of $100 on the other. By doing this, you--1. Pay down the card with the higher interest rate first and -- 2. You are still paying down on the other card. Which in turn, keeps you falling behind in your payments.
Once the higher interest card is paid off, you can apply the whole $500 towards the other card until it’s paid.
~~~ The secret to your success is: TO STOP USING YOUR CARDS WHILE PAYING IT DOWN!!!
I promise, if you are diligent and stick to the plan, you will be out of debt in no time.
- Gina
About Gina OsseAs a Certified Professional Life Coach, Gina Osse empowers her clients to set their goals and achieve their life’s purpose. She uses her own life experiences to encourage others not to allow life’s day to day responsibilities to stand in their way. Her ultimate goal is to encourage and enable women and young girls to develop a relationship with themselves where restrictions, negativity and outside disturbances are used as a stepping stone rather than a stumbling block. Click here to book Gina and to learn more...
