FINANCE SMARTS

How to Manage Money and Make it Grow

Oh the weather outside is frightful

But the fire is so delightful

My credit card is maxed out so

Let it Grow! Let it Grow! Let it Grow!

Tis the Season for too much spending

And there’s just no comprehending

How will I pay my bills next year?

Let em Grow! Let em Grow! Let em Grow!

My debt is as deep as the snow

Oh what a terrible fright

And I know it will continue to grow

How will I sleep through the night?

Now the presents have all been given

To the poor house I have been driven

And my credit scores are way down low

Help it Grow! Help it Grow! Help it Grow!

The holidays are right around the bend and you have a couple things you’re thinking about. How are you going to avoid the in-laws as much as possible and how are you going to pay off my credit card this January? Over the next couple of weeks I am going to go over 12 ideas for holiday debt relief. Each tip will show you bit by bit how to manage money and create a debt free 2010!

HOLIDAY DEBT TIP 1: Don’t Add More Debt

Here’s an interesting fact: every $50 you add to your credit card balance will add another month until you will be able to pay it off. Don’t worry, Christmas isn’t cancelled! You don’t have to tell the kids that Santa isn’t coming this year. You do however, have to keep an eye on your budget. Right now you should really bear down and crunch your numbers. Determine the things you need and what you can afford to lose. Do you really need a stocking stuffer for the cat or a fancy new outfit to show the family on Christmas day? Decide on what is really important and what you can pass on. You will surprise yourself with the amount of money you will actually save. Christmas is a wonderful time to learn how to manage money.

HOLIDAY DEBT TIP 2: Make a List and Check it Twice

It may be easy to overlook your finances during the Christmas season but you must remember the big picture. Begin to create goals and follow through with them.

Goal #1: Start an Emergency Fund – Any amount helps. Even if it’s just $10 or $25 each week it’s time to start now and it will help. The goal is to have close to $1000 saved up and the sooner the better.

Goal #2: Start Debt Stacking – You’re credit card bills are starting to arrive in the mail right about now. This is the perfect time to start snowballing your debt. Check my previous posts for debt stacking tips.

Goal #3: Cut the Cost of Living - There are plenty of ways to limit those expenses. Lower the heat a couple notches when you are not home or when you go to sleep. Turn off any lights when you aren’t in a room. Check any windows or door ways where hot air may be escaping and properly seal it. You can save lots of money this way.

Goal #4: Clip Coupons – Every store wants your hard earned cash. Look online or in the newspaper for deals. If you shop around for the best deals you will save lots on your holiday purchases.

You should create six other personalized goals for yourself. If you are having trouble find some resources on my blog that will help. If you have a few questions let me know and I will try and help!

For the next post there will another delightful song you can sing around the Christmas tree with family and friends and a couple more tips on how to manage money and remain debt free this {holiday season|Christmas!

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