Has Christmas ever surprised you? How about that statement on the 3rd for January? Ever found yourself regretting this time of year instead of enjoying it with family and friends? If this so than pay attention to the following 5 steps that will insure you have a Merry Christmas.
Action 1
Budget, by that I mean take the time and download our free budget from our website. Budget Link. A budget is the most important part of any financial planning process. At Lighthouse we believe in 8 Disciples that will lead you financial independence. Discipline 1 is the Budget and can be applied to our Christmas planning. A few important things to consider are your total available cash to spend, who will you be buying for and finally how much will you spend on each person. Remember budgeting 101 you can’t spend money you don’t have.
Action 2
Plan, not just plan by having a budget but plan how you will shop for those on your Christmas list. This is important because if you are like most people you will blindly shop for random persons only to find yourself returning home with stuff for own closet. A great technic is to pick out a couple of persons on your list and head out for them. Allowing yourself to focus on only a couple of task will help you be more successful in sticking to the budget.
Action 3
Communication. What does this have to do with Christmas budgeting? Plenty, just let me tell you how talking with others has put the fun back in Christmas. You see, the idea that we have to get everyone something for the holidays because they want and are planning on giving us something is just not true. Talk to your family and friends about gifts. Let them know that you would like to present them with something but do not want anything in return. Or if finances are tight let them know that your Christmas envelope is being deposited into a retirement account, college funding, used to pay down the house or pay off some debt. You never know you may just inspire someone to live debt free.
Action 4
Avoid the crowds has more to do with the psychological weight that shopping can have on a persons spending habits. Ever find yourself buying something just to get out of the store? My favorite is the false deal. Just because it seems that everyone else wants or thinks something is a deal doesn’t mean it is. Some tips to avoid the crowds….How about shopping online, before noon (best on the week days) or try less traveled locations ie. Avoid shopping malls or outlets.
Action 5
No credit cards you are only delaying the payment and paying more for the product. Stores have been heavy with the extra discounts to those who use their credit cards when making purchases. Trust me when say that they make money when you use your department store card. More and more of our clients have larger department store debt than car payments. A very successful line when presented with the question at the checkout “If you sign up for a credit card today we can give you 15% off?” Simply say no thank you with a smile and ask if they have any other way of receiving such a discount.
Hope these actions can help as you journey out to do your Christmas shopping this year. If you have any suggestions or some actions that you have found to work for you please share we would love to hear.
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