Saturday November 28, 2009
Many people are great at sticking to a budget throughout the year, but then run into problems when the holidays roll around. It can be difficult because there are so many different things to take into account when you are thinking about holiday spending, and many of the areas get overlooked. Most people only consider the cost of gift giving and neglect to include travel, shipping expenses, decorations and charitable donations.
It is important to take the time now to plan your holiday expenses now. Once you have a good budget set up you can use it every year. This makes it easy to set aside money each month for Christmas over the next year. Taking the time this season to plan a budget will benefit you in the future. It can also save you time when you go Christmas shopping because you will have a list ready when you go shopping and stop you from making poor impulse purchases.
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Friday November 27, 2009
The holiday season signals the end of the old year and a preparation for a new year. It is time to start thinking about your resolutions for the new year. It is also a time to reflect back on how the last year went for you. Did you achieve your personal financial goals? Has your life changed enough that you have a new financial direction this year? Do you want to continue with your current goals or is there something you want to change?
Your financial direction might have changed if you got married or had a child. It may also be that you realized that you want to pursue a different career or open a new business. If these things have happened to you, you should take extra time to sit down and really think about how it affects your long-term financial plan. The changes may be slight or they may be more drastic so that you can achieve your dreams.
If you have done an excellent job meeting your financial goals this year, then you may simply want to continue down that path and keep working on the same goals. However if you didn't meet your goals you should ask yourself why, and figure out if you need to set some different goals. Sometimes you don't reach your goals because they go against what you really want or sometimes things in life change and you have to adjust.
Take time throughout the month to consider what goals would help you with your finances for the next year.
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Tuesday November 24, 2009
Many people who become overwhelmed with debt often trun to a credit counseling service to help them get out of the situation. While on the surface credit counseling may seem like a good option there are risks involved with working with a credit counseling service.
One of the biggest risks is that many of the services are not legitimate and will simply take your money and not apply them to your debts. It is vital that you check the Better Business Bureau before you use a service to make sure that it is legitimate.
Another drawback to credit counseling services is that they do show up on your credit history. If you are still making monthly minimum payments, but simply have too much debt, you may be able to work out a debt plan on your own without taking the major hit on your credit. You can negotiate with your credit cards the same way that the credit counseling service does.
If you are considering getting help with you finances, you may look at visiting a financial counselor instead. The counselor can help you work out a budget and a debt payment plan. This can help you change your habits, get out of debt and really begin to build wealth. Ultimately you will need to change your spending habits in order to get out of debt.
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Friday November 20, 2009
Christmas shopping is on my mind. Actually all of my kids birthdays are within three weeks of Christmas (on either side of it) so I'm thinking birthday and Christmas shopping (with very separate presents). With so much to buy, I always make sure that we are getting the very best prices possible on the gifts that I get. I do not always hit the early morning Black Friday sales, because I hate the crowd, and unless the deal is really worth it, I'd rather not worry about it. But I am always sure to scour the Internet and all of the ads to find out if getting up at 4:00 am is worth it.
I've found that the key to Christmas shopping with no regrets is to stick to a list and a budget. That means extra planning on my part, but it has always paid off. I also like to get everything done early. I hate crowds and lines at the post office.
So what are your best strategies for Christmas shopping?
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