If your budget has gone into holiday hibernation, the New Year is a
great time to rescue it from the piles of pine needles and torn gift
wrap. You'll feel better knowing you're starting off 2010 with a plan,
one that can carry you all the way through the year. And now's a good
time to start planning ahead.
Tips for the post-holiday rescue effort:
1. Return your eating habits to normal. Holiday
food is scrumptious, fattening, and (you've probably noticed)
expensive. All of those fabulous nuts, meats, party foods, and baked
goods you splurged on in the past few weeks are surefire
budget-busters. Returning to simpler fare will help your bottom line.
2. Keep on keeping those receipts. Most of us
get pretty good at keeping receipts during holiday season in case of a
return. Keep up this habit so you can have a reliable (and factual)
idea of where your money goes throughout the year. Coming up with
realistic numbers is one of the most difficult things about creating a
budget. These little reminders of what you actually spent will help you
figure out how much to allot and where to cut back.
3. Savor spending fatigue. Tired of malls,
Sunday circulars, store promotions, and forking over your credit card?
Go with this feeling, and quit spending. Spend time at home getting
organized instead. Your bank account will thank you.
4. Quit keeping secrets. How many of you kept a
major expenditure a secret from your spouse or other loved one this
holiday season? Many of us withhold information about gift expenditures
so we can ensure a surprise. That's all well and good for a one-time
gift, but keeping money secrets the rest of the year can be a recipe
for trouble. Start the new year off right with good communication and
transparent finances.
5. Face your credit card bills. And keep them
in your face, by putting your running total of credit card debt posted
somewhere that you'll have to see it every day. Many of us rely heavily
on credit to get through the Christmas cash crunch. Attacking that debt
as quickly as possible will help your all-over financial well-being.
6. Create simple guidelines for spending. Make
a list of a few simple steps you'll take before making any big
purchases in the new year. For example, here's a sample three-step
plan: 1) Check comparison-shopping sites for the best price; 2) Do a
quick online search for coupons; and 3) Ask yourself whether this is
the best use for this sum of money at this point in your life.
7. Pay yourself first. Like Sinatra music, this
is an oldie but a goodie. Make every effort in the post-holiday down
time to get some money out of sight and into a vehicle for savings.
You'll be surprised by how quickly you can build up an emergency fund
just by getting money automatically debited from your account.
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© 2009 UCLICK L.L.C.
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