Keeping the holidays magical
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By Bromwich+Smith Staff | 773 words | Reading Time: 3 minutes and 51 seconds | Date: 2022/11/22
This time of year, the magical feeling of the holidays surrounds us wherever we go. It is contagious, and unavoidable all at the same time. No matter what you choose to celebrate, it is hard to avoid the wonderous feeling the fills the air. For those in debt, this magical feeling can loose its glimmer, and the worry of added expenses can take its toll. Lets look at three quick tips to follow to help keep the magic of the season, while keeping your bank account in the black.
Gift yourself with NO.
We are giving you permission to say no this holiday season. No to attending stressful family functions No to purchasing gifts for everyone you have ever met, and No to added stress. By allowing yourself the ability to say no, you are giving yourself more than you know is possible.
If you are a planner, you may already have a family calendar taped to your fridge- and if you don’t this might be a great time to get one! By writing out all of your plans, you can make sure you have the time, and budget to attend everything you want to. By knowing in advance, you avoid the last-minute run to the mall to purchase a gift or stop at the grocery store for snack items.
When you can see the month’s activities all at once, you can see if there is something you can not afford and have a way to say no. By knowing any work or social gatherings, you can plan outfits in advance, and know who you need to purchase gifts for.
It is ok to say No this season. If you find that a dinner at a high priced restaurant, or gift exchange just isn’t in your budget you can decline. As much as we want to be social this year and attend every function, sometimes its not in the best interest of our wallet or our metal health and that’s ok!
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Take a tip from Santa, and make a list.
By planning ahead, you will find yourself saving money! If you have prepared a budget in advance and know how much you have you are a step ahead. If you haven’t- that’s ok! We recommend taking a look at what money you have to spend in total before you start buying.
Next, write out who you need to purchase for this year and their wish list. Keep in mind that its only a Wish list, and not a need list. Try not to feel pressured to find EVERY item on your child’s wish list this year! Knowing before you go to the stores, take some time to research online. By knowing what the price should be, you will avoid sticker shock at the till.
When you start making your list, it might help to write out your social functions as well. Do you need a new holiday outfit? Add it to the list! Will you be baking cupcakes for the school bake sale, or participating in a cookie exchange with friends? Add it to the list! With inflation happening everywhere you will likely experience higher prices at every store you shop at this season, so have some wiggle room and just like Santa check your list more than once!
Use Cash not Credit
We know that this may be more difficult with some stores preferring plastic over cash but try paying cash when possible. Typically, when paying with Credit, we tend to overspend, thinking the bill will be a concern for a later time. Keep in mind that January will come along quickly, and those bills will be due! If you postpone paying or are unable to pay the full balance off come the due date you will have additional fees and it may affect your credit score.
Another new trend we are seeing is the option to buy now, pay later. Many retailers are offering a short-term loan where a soft credit check is performed. Once approved, the purchase will be split into 4 smaller payments with a portion being due upfront. This can be a great resource for some shoppers but for those struggling with debt, this could cause larger problems down the line.
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No matter what your financial story is, Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!