Get ready, Austin – the holidays are here again! Hopefully you have paid off your credit card debts from the 2018 and 2019 holiday shopping.
Before you start shopping, think how your finances will look on December 26th. Will you hate yourself for spending too much and maxing out yet another credit card? Or will you be proud of yourself for having a financial plan and a budget?
The time to prevent another season of overspending in NOW. Think about why you shop?
We had a client who would spend $1,000 on each of her five children during the holidays. When we worked out her finances, she shed tears when she realized she could no longer afford that “tradition.”
We asked what the kids would say if they were told the family could not afford such gift-centric holidays anymore. She told us they would be fine with it. We then asked why she kept spending so much money every year. She replied, “Because I like it.” Yikes.
Think about that confession. The children did not care about gifts as much as their mother wanted to give them. As a result of these gift splurges, the family had serious credit card debt. Nice thought, but and even nicer thought would be no debt in 2020!
So Austin, please take time before you go holiday shopping and determine what you can afford versus what you think you deserve to spend.
Capital Budget Strategies, LLC, Austin’s best Financial Coach, can help you get financially organized. For only $149, we help you build a Household Budget, and Emergency Fund, a Snowball Debt Repayment Plan and set up automated payments.
Give us approximately 4 hours to help you enjoy this and all future holidays!
Question or Comment? Enter it below.