An interesting article in the business section of our local paper caught my eye. The article was about budgeting for holiday spending and it included tips designed to help people spend well without breaking the bank over the holiday season.
As a mother, it is difficult to follow a budget during the holidays. I never thought it would be, as I can be quite the thrifty shopper, but now that I have a daughter-and one due in two weeks-I find myself ogling all types of toys, games, and books that I can just see my daughters opening for Christmas morning. I´ve picked up a few of these items while out shopping for other things. So, I can see how holiday spenders can get caught up in the season, and with children, how easily it is to run up a huge tab.
While you are out shopping, though, keep these thoughts in mind. These came out of the article, and they may help you put things in perspective.
Consolidated Credit Counseling Services Inc. found that 46% of people surveyed were still paying debt from last year´s holiday!
If you charge $1000 on your credit card and only make a minimum payment each month it will take you eight years and ten months to pay off the debt. And that´s if you don´t spend another dime on that card!
Financial experts say that you should spend about 1.5% of your income, or approximately $750 if you bring in $50,000 per year, for everything, including gifts, meals, and clothes.
Make a list. Don´t stray from what is on your list.
So, as you go out and brave the crowds this holiday weekend, keep these thoughts in mind!
Happy Shopping, Mommies!