Final preparations for the holidays

With only 2 weeks left till Christmas, most people are scrambling around finishing last minute details (myself included this year!) The bad thing about scrambling like this is that it unavoidably leads to impulse buys. Typically these buys are things we need (last minute gifts, decorations, party necessities, etc.) but the problem is that we are letting our spending go wild. It's fun to spend money! And the holidays are prime time to spend left and right. But why is this such a problem?

Your training your brain that it's ok to spend without thinking

If you've noticed, I talk a lot about thinking through your purchases & spending with a plan rather than on impulse. The allure to spend money is so tempting that in order to keep you eyes focused on your financial goal(s), we must have a plan any time we make a purchase. If you don't, you run the risk of feeding your instant gratification and impulses and failing to rein it back in.

Right now in your life, you have a financial goal - you wouldn't be reading this if you didn't.  It may be for a debt free life, or a new car, or a bigger house, or no longer living paycheck to paycheck. The point is, you have to make your financial goal so important that you are willing to slow down your spending and think / plan before you make any purchase. It's not fun and it doesn't give you the high of spending without thinking. But it does bring you closer to your goals. And pretty soon, you'll find that you've achieved more than one of your financial goals!

Don't be discouraged if you enjoy shopping and hate the thought of bridling your spending. This is only for a limited time! Once you hit all your financial goals, you can spend more freely! And hopefully the lessons and control you've taught yourself will continue in on partially, even after your goals are met. Because even if you're debt-free, without the fundamental spending habits of a successful person, you'll go back to a life of over-spending and will find yourself back in debt. You won't have to be a restrained with your spending but you will still need to use the same basic principles of being responsible with your money.

Responsible Financial Actions

1. Update your budget daily

2. Have a plan before you spend

3. Make a quality decision when you buy (so you purchase something that you really want and something that is good quality, not just junk)

You'll have more money to spend since your debts are all paid and by using the principles above, you will continue having financial abundance and being in control of your money (rather than reverting back to a life with your money controls you).

Plan your holiday spending

So how do you finish preparing for the holidays as a financially responsible adult? Have a plan! Make a list of what you need, notate how much you have to spend on each item (double check your budget to see that you have enough funds), and go out shopping to find items that meet your list and budget criteria. Ta-da! That is how you get financial success!

Until next time, have a blessed day!

Jill