Now that we’re officially in the holiday season, the question is, are you ready for it? Did you prepare or are you behind? If you did prepare, good for you; you’re ahead of the game. If you didn’t, there’s still time for you to make good financial decisions without accumulating a mountain of debt.
If you fall into the category of being behind on your holiday budget, you still have time to store up some cash to avoid having to use credit cards to pay for the items you’d like to buy. Let’s discuss the steps you can take to have success this holiday season.
with his wife and two daughters. After 25 years working for a Big 4 bank where he held multiple marketing/communication roles, he retired from the corporate world to pursue his passion for writing. An opportunity to develop a local paper proved too enticing to turn down. Byrne is a graduate of Winthrop University where he majored in communications. He can be reached at patrickbyrne@tegacaysun.com and patrickbyrnecreative.com.
DEVELOP A BUDGET
It seems simple, right? It is simple if it’s something you’re used to doing. It’s more difficult if it’s something you’ve never done or don’t currently do on a daily or monthly basis. Although it seems simplistic, documenting who you’re buying gifts for and how much you’re going to spend will help you greatly reduce the risk of a budgetary collapse. Sticking to the budget is also vital to success.
DOWNSIZE YOUR LIFE
Forego the morning coffee at Starbucks. Pack your lunch instead of eating out. Invite friends over for drinks at your house rather than spending money at the bar. These are all very small things that will have a minimal impact on your life or general happiness; however, the impact on your budget could be huge. I’d honestly recommend doing each of these on a regular basis anyway, but you can certainly implement them from now until mid-December to save some money.
WORK ON YOUR SIDE HUSTLE
Take it from a guy who now makes his living hustling for every dollar. There is money out there if you work hard, have a will to win and provide something people either want or need done. If you’re good at something, use it to your advantage. You don’t have to go into debt to do it either. There are plenty of low-cost options for you to make extra money. Do your research and get started.
Accepting your fate and going into debt to purchase what you want or need for the holidays is avoidable for most of us. Make the necessary sacrifices now in order to have a joyful and stress-free holiday season. You’ll also be setting yourself up for financial success in 2025 by avoiding paying off your debt for months to come.
After all, Christmas comes once a year. Your credit card bill comes once a month.
By Patrick Byrne
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