Your goals these holidays include not overeating, staying calm and not OVER SPENDING. The last thing you want is the credit card hangover in January and starting 2013 on the wrong money foot. Start getting ready to check off items on your year-end checklist. GGF money expert, Galia Gichon, shares her tips on managing financial holiday stress. To ensure an amazing money makeover for the 2013 calendar year, register for her “CONFIDENT. MONEY. WOMEN. SEMINAR” on January 14, 2013. Only 30 spots are available.
Define your financial budget
Come up with a number that you can afford. This is the number that you will see in January, so make sure it’s a figure that won’t give you a mini-heart attack. It must include all your gifts, holiday cards, entertainment, and travel. If it helps, take it out in cash and leave your credit cards at home.
Make a List, and Check It Twice
Now that you have your number, divvy it up between all the people on your list. Be realistic. Write down the gifts you plan to buy and the dollar amount. Remember, you are taking such good care of your financial self by not overspending and staying within your money means.
Use Your Smartphone
Some of my favorite apps can be tailored to your holiday spending. Checkout Easy Envelope Budget Aid (EEBA). Input that total amount you can spend into an envelope on your smartphone and every time you purchase a gift, you instantly see the money you have left.
Just Say “No” to Gift Cards
A large percentage of gift cards go unused. Why are you wasting your money buying them as gifts? Find another way to buy a gift.
Give Yourself a Gift
While this may not be an obvious holiday gift, it is actually the best holiday gift you can buy yourself. The maximum to contribute to a ROTH IRA for 2012 is $5,000 and another $1,000 if you are over 50. By maxing out your ROTH IRA for the next 20 years, you can potentially save over $200,000! Have you maxed out that amount for this year? Why not start 2013 with a fresh money slate rather than playing catch-up all year long?
What can you do to manage your holiday financial stress?