Cet article a été précédemment publié sur le site Bobby Finance.
Ok, you just bought a thousand-dollar coat, so what if it’s a bit expensive? You really love it.
There is nothing wrong with treating yourself this Christmas because you worked hard this year and you deserve it. Except that there is a little problem: You couldn’t afford it so you paid with your credit card. After all it is a temporary situation, no big deal! It’s not that you don’t have the money; you just don’t have it right now. So you borrowed $1000 and there will be no interest as long as you repay it within 21 days after receiving your bank statement. That is until… an unexpected phone bill comes up, your best friend asks for the new Armani fragrance and you need extra decorations for the Christmas tree. Not to mention boxing day shopping is a “must”, as are the Don Perignon bottles for the new year’s eve party…. and before you know it, you are broke and overloaded with debt: Not a good way to start the year!
Here are six tips you can follow to avoid being broke after Christmas :
- Plan your budget well in advance: Whatever your resolutions, you know you are going to spend during the holidays. Determine what you want for yourself and put aside money every month during the year. Ask your friends and family what gifts they would like by September, so you will know how much more, you will need to save by December. Don’t forget to save extra for social activities.
- Don’t buy it if you don’t need it: For stores, Christmas is the best opportunity to make the maximum revenues by preying on customers’ impulses. So they will launch a lot of sales, make items non-refundable and market them in a catchy way. Think about it: Do you really need that beautifully wrapped basket of soap and body lotion for $45? Buying each item separately off-season would probably cost much less.
- Don’t buy it if you can’t afford it: Avoid using your credit card as a replacement for money. Among the 4 things you must know about economy, the most important is that credit is not wealth. If you can’t pay it back fully within a month or two, then put money aside and buy the item later. I promise it will not vanish! If the item is out of stock when you go back to the store, they can order it for you or you can always buy it online.
- Beware of holiday sales: Boxing Day is not the only moment to buy something on sale. When we shop under pressure around a hundred other people, we tend to make poor decisions. Before we know it, we end up buying 10 items at $5 each that we don’t really need, instead of buying 4 items at $10 each that we really value.
- Shop online: Look for online deals when you know exactly what you want. On the internet, you have time to compare prices and brands from the comfort of your sofa. Items like electronics, furniture, books, accessories and even clothing are generally priced at a lower rate on the internet, even by the same companies that sell them in their stores. Also remember to check the refund and exchange policy .
- Be original: Crafting gifts yourself allows you to spend less money and to make a personal gesture that can touch your friend or relative more than just buying the latest gadget.
Cet article a été rédigé par Meinna Gwet of BobbyFinance
Meinna Bio : Je suis la fondatrice de Bobbyfinance.com, un site qui éduque les jeunes professionnels et entrepreneurs sur les bases de la finance, de l’économie et des affaires. Afin d’encourager le développement des communautés et de la relève d’affaires, Bobby finance se distingue par une ligne éditoriale axée sur la compréhension du système économique globale et son impact sur l’individu moyen.