We all know it?s really tough to stay within a budgets during the holiday season. That?s why we invited Jeff Ivory to the First Forecast Mornings studio to give us tips to be responsible with money while buying gifts.
The celebration of the holidays traditionally leads to the hangover of the credit card in January. With all the pressure from marketing and cute kids and their long lists it?s practically impossible to avoid the temptation.
Here are some tips to put on some extra layers of financial ?armor? during the holiday shopping frenzy.
1 ?? Start with a budget ahead of time. Understand everyone you are buying for and what you?re willing to spend.
2 ??Check that budget against the actual expenses. Taxes and shipping will often put you over budget.?If you shop online ? don?t forget to account for sales tax and shipping.
3 ? Use cash! Take a certain amount out of the bank that you plan to spend and stick to it.
In order to realize the amount your spending, avoid credit cards where possible. Ivory reminds us that the psychology of using a credit card is against you. It won?t feel as real or as using cash. ?There?s a reason why casinos give us chips and not cash,? Ivory explains that it seems more fun in that way.
Protect yourself during this time of extreme temptation to avoid a credit hangover.
Jeff Ivory is with?JWI & Associates, in partnership with?Stonebridge Financial Partners, LLC. He?has been working in the finance field since 1994. He has widespread financial experience including corporate risk management, commercial and residential lending, business consulting, and corporate and personal finance. He is?Certified Financial Planner?(CFP) who coordinates the financial affairs for a select group of individuals, families, and businesses throughout the United States.
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