Financial Coach, Speaker and Author of True Prosperity
The Holidays are finally here! We celebrate family, friends, give thanks and mostly what to give or what we' want for Christmas. Yet all these celebrations and activites comes with much pressure. Whether financial, family, work, business, etc. the pressure is real.
I will focus on the financial side of the pressure, as it tops many peoples problems or issue. The big day is almost here, and we are running, looking for the best deals, trying to meet expectations, buying the perfect gift, or even hosting dinner pressure. Breathe, relax, get a notebook and write what you need and what you want to get done, or purchase. Write it down, as the ideas or suggestions comes to you. Notice I wrote "want & need", make sure you are clear on what you want from what you need. Look at your finances carefully, consider current economic factors such as high interest rates especially on credit cards, don't get into debt for holiday gifts. If you have no room in your finances to purchase gifts, let your family and friends know right away , they will understand and offer other form of gifting such as service and support where ever you can.
Recession, mild recession or no recession we don't know for sure what 2023 will start out like or end like. Recall 2020, we celebrated new year's then less than three month, the entire world was shutdown. Be hopeful, yet aware and plan accordingly, there are some tips to apply this holiday season and into the new year.
1. Have a spending limit for gifts and other holiday activities
2. Do not exceed the limit; shift, limit, reduce, or eliminate where necessary
3. Do not open any new credit card to purchase gifts or other holiday activities
4. Do not touch your savings or emergency fund
5. Shop around, compare items, return and exchange policies before most purchases
6. Make handmade or custom gifts if possible, can be less costly and most appreciated
7. Stay local if possible, as airports is overly busy and international travel can be costly
8. January is a new month and new year, all bills rolls in, don't overspend and end up in debt
9. For the new year, be intentional about earning more and spending less, end the quote" earn more, spend more". Earn More, Save More! Refer to my book True Prosperity, key number 7 "save folks save.
Happy Holidays and a Blessed New Year!