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“More people should learn to tell their dollars where to go instead
of asking them where they went.” – Roger Babson
With that said, the HOLIDAY SEASON is amongst us!
There are approximately 15 weeks left until CHRISTMAS, which makes it a little over three months away. The budget challenge spans over a 10 week period, and there are 5 weeks to start from. There are a few weeks grace period just in case you have a few tough weeks financially and/ or you went off course.
The goal of this is to minimize the need to seek high interest loans, lines of credit, and/ or high APR credit cards in order to "enjoy" your Christmas. Years ago, many employers had a Christmas savings plan for their employees where they allowed them to donate portions of their paycheck to an account (usually with a credit union and they were able to accumulate some interest). Those are rare to find nowadays, so the responsibility falls directly on the individual. It is disheartening to witness all of the businesses that are now geared towards taking advantage of hard working individuals by charging ridiculously high interest rates that they will be paying off well into the new year. Society has pushed us into a culture of immediacy, but if you can limit your debt by being intentional with your paychecks, WHY NOT?
The money saved can go towards:
Food
Gifts
Toys for your children
Small loan payoff(s)
Splurge item for yourself and/ or a significant other
Start of your new year savings/ emergency/ rainy day fund/ investing
FYI: If you have a partner, please feel free to split or double the amounts, if desired. Also, if you like equal parts, you can allocate $50 each week instead of varying the amount.
Proverbs 22:7 informs us that, "the rich rules over the poor, and the borrower is servant to the lender (New King James Version)." As much as possible, please try to refrain from taking on additional debts to sponsor your holiday festivities. Exercising good self control and a budget plan can save you from headaches that will exist long after the holiday season passes you by. Ask yourself, is it worth paying three times the value of something just to say you have it? Or would you rather save ahead of time and be able to purchase with a clear conscious?