With the Holidays coming up and the giving spirit in full motion, I wanted to share something I heard on a radio show regarding giving that stuck with me. It’s common for people to have a budget for the Holidays and the best laid plans to stick to it. Often, those plans get blown to bits as emotions come into play and wanting to give as much as they can to their kids. I’ve been guilty of it myself. Here’s what the show recommended: give a total of four gifts per child. A gift they want – this could be something your child has been asking about quite often such as a toy, pet, etc. A gift they need – this could be music, dance, karate lessons. Or something practical and useful for school, college, etc. A gift they can wear – not a ton of explanation here. A gift […]
spending
Frugality Versus “Buying on Sale”
I wanted to write a brief note on the difference between being frugal and frugal spending. I think it really boils down to the mindset of the individual. Frugality, in my opinion, is making smart purchases when necessary, and forgoing purchasing altogether if not. I also believe that frugality is making purchases that reduce the need to spend more in the future (i.e. buying a quality product for more money in order to reduce or eliminate repair expenses in the future). Frugal spending, on the other hand, is buying something simply because it’s on sale or cheap – regardless of need. For example, many times we see items in the store advertised as “buy one, get one half off” or “2 for $5.00”. It can be easy to fall into this trap of buying these items and leaving the store feeling good about having saved money. Sometimes we may even […]
5 Ways to Avoid Overspending for the Holidays
Tis the season! With just over three weeks until Christmas day arrives there’s still plenty of time to get your Christmas shopping done and be able to do so without breaking your budget. To help individuals manage their Holiday spending, here are five tips to keep your Holidays budget from exceeding your limits. Set a budget. This can be done by setting a budget per family you are giving to, or per child in your home. In addition, you could also set a budget regarding how much you’ll give to charity as well. Stick to your budget. A budget is not any good if it’s not adhered to. Avoid using credit cards to make your Christmas purchases. This gets a lot of folks into trouble and is truly the gift that keeps on giving in the form of excessive interest on the credit card balance. Only use your credit card […]
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