First Of The Month Finance: Tis’ The Season To Plan.


Budgeting during the holidays is a must

Tis the season to be jolly and buy nice thing for the ones you love. During this time of the year, people spend lots of money buying Christmas decorations, trees, food for gatherings, and most importantly gifts for their friends and family. All of these things are great! But they should all be decided way before the month of November or December arrives.

My Wife and I had a discussion on joint gifts this year for family members, setting the money aside, and looking at deals regarding our shopping. We will be jumping around our home town this season and we really aren’t doing that much decorating in our apartment as we are just getting things set up. But next year, we’ve already decided how we are going to approach the season. We have a budget meeting every month and we will plan for it way in advance. Line items for the season, decorations and helping out with food or if we plan to have friends over.

The reason your holiday season budget is one of the most important budgets you need to do, is because this is a season where people buy heavily off of emotion rather than logic. You think about making others happy by making sure they have nice things which is awesome. But it doesn’t need to be at the cost of your financial stability. Be practical about the things you are buying for others, because it really is the thought that counts. And I’m sure your kids, spouse, relative, or friend wouldn’t want you in debt or constrained financially for them.

And on that note, the goal of my writing is so you can grow your assets and live debt free. Why? So you can make a difference in the life of someone who is less privileged. The homeless, a single parent, a child without parents, a family that’s struggling, people who would be so overjoyed just to have something thoughtful during this season. I’m sure you are asking what does that have to do with setting a budget during the holidays? Well I’m a strong believer in the law of reciprocity, you reap what you sow. Be a blessing, sow into the life of someone in need, and I firmly believe you’ll be blessed in ways you didn’t even see coming.


About Author

A graduate of the University of North Carolina at Charlotte with a bachelor's degree in finance. Terry now works for Bank of America as a loan monitoring specialist where he analyzes financial statements.

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