Fiscal Fitness - November

If you are anything like me you are scratching your head wondering how November crept up on you so fast! You are also looking at your calendar and counting the days to Christmas and the number of paychecks you have between now and the holiday! For some people, that counting brings anxiety as they look to surprise and delight their children, significant others and friends with a gift that will brighten their day. For others, they spend now and then worry about it later. Giving is a wonderful thing, but being overwhelmed with credit card bills in January can be depressing if you did not budget accordingly. For those of us who are familiar with excel, please see the attached spreadsheet to help you visualize your budget which shows income, expenses and then spending money. (Tab 1 is an example and tab 2 is your blank template.) Your spending money will help determine your Christmas budget. On the third tab of the spreadsheet, make a list of EVERYONE you plan to get a gift for. If they are not on the list, try to resist the temptation of making impulse purchases for unlisted people while out shopping. Next to the person's name, write in their gift, then the cost of their gift, and your method of payment (i.e., cash, credit card, gift card). When possible, pay cash or charge your credit card and immediately transfer the cash to your card right after you make the purchase. Be a smart shopper. Visit sites like www.retailmenot.com to look for online coupons or set up a "junk" email account to sign up for mailing lists so they can send you coupons for a percentage off your first purchase. The most important thing to remember this holiday season is: Create a plan and stick to the plan! If necessary, share your spreadsheet with someone you trust and ask them to help hold you accountable to sticking to your budget. Fun saving tip: If you get paid bi-weekly, there will be 2 months in a year where you will get paid 3 times in one month! You should aim to save those 3rd paychecks for emergencies or holiday shopping for 2016! Encouraging Fiscal Responsibility, Selena