Have Yourself A Very Merry Debt Free Christmas With These Four Steps
What’s the difference between you and your neighbor? Answer: You are going to be prepared! It’s easy to become overanxious about your financial future. This past week Citi CEO Jane Fraser stated that the U.S. is likely to enter a recession this upcoming year. According to BlackRock a recession is just around the corner. With chatter like this inundating you daily, one is left to ponder, “how can I better manage my finances to endure not just the race but the marathon?”
A recession can often lead someone who has always been able to stay afloat to begin to slowly have to start playing catch-up. The cycle of continuously falling short every month can lead you, the consumer, to pulling out those credit cards to help make ends meet. Placing debt on credit cards that you normally wouldn’t need to. Items such as household bills, groceries, gas, and other basic necessities begin to add to credit card debt and can snowball quickly. With Christmas around the corner for many, this can add to the pressure of staying afloat. But this time, you are smarter and more educated. This time, you’re going to stay ahead of the game. This time you will have a plan.
Here are four ways to continue to stay on your financial toes and not fall into the debt trap this Christmas.
1. Break out the cash
Paying in cash can help keep you from overspending, which can so easily happen with a credit card. It allows you to “feel” the transaction better and press you to stay within your means. We all want to buy our friends and loved ones something special. This will help make sure that the special item doesn’t come back to haunt you in the future.
2. Take advantage of holiday sales
Just because you purchased mom and dad’s gift at a bargain doesn’t make it any less special. We all need to stay within our means. And your loved ones would never want you to fall into debt on account of them. So don’t feel bad if you find something on sale. You’re just shopping smarter.
3. Take a friend
When you shop with others, they can help hold you responsible to your goals. So take a buddy with you. Share your financial goals with them and let them help you stay accountable to yourself.
4. Keep track of your financial accounts
It’s very easy to think “out of sight, out of mind.” We’ve all been at that place where we just don’t want to deal with the ramifications of our shopping spree. So, we don’t want to look. Staying on top of your expenditures is not only responsible, but it alsos feels good. When you manage your accounts and track what goes in and out, you are helping yourself reach that financial goal. So be sure to LOOK!As with all financial decisions in your life, it’s beneficial to have a strategy. If you don’t know where to begin or need help, it’s always wise to reach out to your financial advisor. If you find that you’ve already dunked your head a little to deep into that pool of debt, seek out a reputable debt resolution company to help guide you out of any harmful ramifications that can occur when you begin to fall behind. A reputable debt resolution company can negotiate those debts for you and save you the stress of having to navigate the waters of any aggressive creditors that you may come up against. Don’t dive in alone. Get help and stay on top of it. Here’s to a successful and merry debt-free Christmas and holiday season.