It’s appropriate to talk about the Holiday Debt Monster today.
By no means am I a financial guru. But I used to be a credit card queen! Whoa! Anyone relate? Charge ‘em up, buy stuff for others, buy stuff for ourselves, justify purchases for the time of year, or worse yet, for our mood? The euphoria of all that purchasing fizzles out really quick. Maybe the same day. Maybe in 30 days when the bill comes. But it DOES fizzle out.
Being left with a debt monster on our back is no bueno. It’s heavy, man! I dunno about you, but my strong “shopper’s arm” has nothing on the weight of that sucker. Whoa!
Yes, it feels good to give. It feels good to treat ourselves. It feels free to charge up on a freshly paid down credit card. However, the true joy of giving comes from the heart, not a piece of plastic that has the potential of draining you in more ways than one.
Here are a few tips to send that monster packin’:
1) Type up a budget. Once we “see” where all the money goes, it’s much easier to make changes. Place all the necessities first (house payment, insurance, etc.) If you can, set aside at least 10% for savings (it’s been said, that we should all have 8 months salary saved for emergencies!) If you can include some “fun” money great. If not, it won’t be long til you can. Buckle down on paying debt & saving up that emergency fund. Soon you’ll have some wiggle room.
2) If you have credit card debt, add a bit extra to the payments you make per month. Even if it’s $5 or $10 right now. Pay the most to the card with the highest interest rate. Then, once that one is paid off, utilize the payment amount you had budgeted for that one and add that amount to a different card’s payment. Watch those balances drop! WOOT!
3) Put as many bills on AutoPay as possible. You can select and change the payment amount whenever you’d like. The important note with this is, once you set it, it happens like clockwork. No late fees, and the debt goes down while you go on about life. Just don’t charge up those cards further. Cut them up or lock them up.
4) Credit is a necessary part of living. Debt is not. Credit cards are best used when you can afford to pay the entire balance off every month. This is the goal.
During gift giving times:
1) If you have some extra cash, use only that. Leave the credit cards at home.
2) Send a greeting card. You can make a beautiful card rather than buy one. Send an e-card.
3) Start a holiday/birthday account that you contribute to each month. This time next year you’ll be prepared with cash!
4) Make a phone call, or visit loved ones, in lieu of a store-bought gift. Your time, hugs, and love are worth more than any material item. Memories are made of those.
It’s my wish for us all that we enjoy each day to the fullest. Live stress-free. Get rid of the debt monster. Spread love, joy, and gratitude. The greatest gifts ever.
Wishing you the best of the season, and abundant blessings for the New Year!
So so true D!! Credit card debt sucks sooooo bad. I’m trying to get mine under control.
Thank you, honey! It SOOO does! I’ve got a little ways to go, yet, too… but I’m so glad to have a handle on it now! Whoa! Debt free feels better than anything we could ever buy! Hugs!
Great post! Merry Christmas!
Hi! Thank you very much! I appreciate it! And Merry Christmas to you, too! Hope to chat soon. Miss ya! Hugs!
As your idea read, start a holiday account. Years ago, banks had Christmas Club Accounts as I remember. They don’t do that anymore, but nothing says you can’t have your own! It’s amazing how much you can save just putting away a few dollars a month! I have been doing this for a few years now and rarely touch my credit cards throughout the holiday season.
YES! I remember those! You’re so right, a little bit per month sure adds up. It’s nice to have cash set aside just for the holidays. No dipping into grocery money or other stuff! Haha (Which I’ve been famous for doing!) Sounds like you’ve got a great plan going. Good stuff! Hugs! Merry Christmas!
So very true. I would much rather spend some quality time with the one I love than to get gifts. The time spent together is the greatest gift of all.
Yes! Quality time is something to cherish, for sure. So many of my loved ones live so far away, I have family I haven’t met yet! I’d love to visit them all.
I have no cash to buy presents so love is all I can give this year. And I give it to you in abundance. Wishing you and the Juarez Familia a very merry Christmas. And I will be taking pointers from your blog when my paychecks start rolling in.
Love is the best!!! And Kiwi Applesaws love is among my favorite love ever! <3 Thank you! ... I'm glad you liked this blog post! ... Very Merry Christmas to you and Paul & the kittoys! I love you! Hug hug hug
My gift this year to the people I truly care about is spending quality time together and creating precious memories… I am all about minimalism so giving and getting more ‘stuff’ I don’t want or need is not at the top of my list. What do we we need more ‘stuff’ for? I say let’s spend that time loving more.
Beautiful! And perfect! Sounds like a fabulous Christmas! Woohooo! Quality time, quality love, and excellent memories to cherish <3
Three words; DON’T DO IT!! Lol! Seriously on point, sweetie! Such a serious subject for many out there, I’m sure. Great reminders! You go, D! ❤️
Thank you! Yes, it really is important!