Holiday Hangover
It’s not happiness, it’s “holiday spending hangover”—and it feels awful. I don’t want you to feel this way in January!
Some statistics…
…7 out of 10 Americans exceed their budgets during the holidays.
…37% of those taking on holiday debt said it would take them at least five months to pay it off.
Holiday spending, with a plan!
Can I convince you to make a plan for your spending this holiday season? How do you typically spend? Here are some ways.
IMPULSIVE SPENDING: Driven by immediate gratification or external influences. Reactive, based on desires or emotions.
INTENTIONAL SPENDING: Based on a set of defined values and goals. Proactive, requiring us to pause, reflect, and decide whether a purchase truly aligns with our long-term objectives and goals.
Which are you?
How does your way help, or hurt you?
How would it feel to navigate this season with a plan that works (even if imperfect), that leaves you feeling a LOT better when you return to work in January?
Here are four things you can do, to plan.
If you’ve already been saving monthly (1/12) for this season, impressive! If not, don’t feel bad—you have company! But how about allocating dollars to it over three months? It might ease the pain.
Sit down and list all the potential spending—travel, gifts, decorations, food, parties, extra events. How much do you think these will cost? Be realistic! If it’s not just you, then sit down with the rest of the family.
Now, look at what you think you can manage with your incomeand resources.
Is it more than you can afford? Would it cause you to use credit cards, and not be able to pay off the balances at the end of the month? If so, where can you cut back? Or where can you spend less in other areas this season to free up money?
Want to really get a handle on your spending, just in time?
Sign up for our MINDFUL SPENDING program, just two weeks away. Limited to 8 seats!
You’ll learn more about your relationship with money, ways to control your spending (and giving), and brainstorm with others about the challenges you all share. You’re not alone!
