During the Christmas season many consumers tend to exceed their budget and spend too much on gifts, preparations and festivities. By following a few simple financial tips, you will be able to enjoy your Christmas without having to worry about your financial state in January.
Cayman Weekly wants you to enjoy the season and instead of a Monday Editorial will give you seven tips each week to consider before withdrawing that cash, writing that check or handing over that credit/debit card.
Purchase lower priced items.
List your expenses for January and February to avoid cash shortages during these months
Reduce your alcoholic beverage budget by 50%. In other words, if you enjoy this form of relaxation, drink half as much.
Check your available funds in your wallet, bank account or on your credit cards to avoid disappointment at the check-out due to overspending.
Avoid peak shopping hours. This allows you to shop at a reasonable pace and allows for price comparisons.
Do not skip your loan payments for December. Skipping payments will extend your loan and increase the interest payments over time.
Be thankful to God and your employer.
Giving at Christmas
Christmas is normally a time for giving. However, in light of the current downturn in the economy, many find it difficult to give.
Don’t worry. Giving comes from the heart and with reason. You can only give what you own. Your family and true friends will understand because they are also feeling the financial pinch.
They may even be happier if there is no gift as this also reduces the pressure on them to give back in exchange.
Give love and thanks. These gifts are free and have the greatest value.