Is it too early to think about holiday gift buying?
The Austin Financial Coach at Capital Budget Strategies, LLC, Austin’s best Financial Coach, says it is never too early to save!
Some of our clients are still paying off credit cards debt for 2020 or 2019. You have about 12 weeks until your gift giving, so let’s make a plan that will keep you out of debt and in the holiday spirit.
One question before we get started: Why do people use credit cards? Because they cannot afford something but are willing to pay 22.5% interest for the ability to buy that item. Here is a pre-2022 New Year’s Resolution, no more credit cards!
Follow these steps for a debt-free 2021 holiday:
Step 1: Write down every name on your gift-giving list.
Step 2: Place a maximum dollar amount next to each name.
Step 3: Add up the total amount of money you will need and divide by 12 (for 12 weeks). This is how much you need to save each week. (If it is too much, go back to Step 2 and lower some amounts).
Step 4: Then, every Friday place your weekly amount into a specially designated savings account or put cash into an envelope. Your money will add up quickly and be ready to use.
Step 5: Do not spend more than your designated amount. The money in the account or envelope is all you can spend. If you end up with money remaining, pay down your credit card debt. If you are debt free, put it into your 2022 Roth IRA.
For other money tips or to arrange a Zoom online, 4-hour, one-on-one session for only $149 with our Austin Money Coach contact Capital Budget Strategies, LLC.
Enjoy the holidays!
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