Will you be saving or spending this holiday season? I can hardly believe that we are only weeks away from Thanksgiving, then Christmas and 2014! While we are all working on business plans for the next year, I encourage you to also make a spending plan for the holidays too.
All too often we get caught up in the moment buying decisions, then January comes around and everyone has a bit of a panic attack when they open their credit card bills. Don't fall into this trap!
Write down everyone for whom you will be buying a gift.
Set a dollar limit for each gift - then stick to it!
Are you hosting a party or dinner for friends or family?
Are you invited to parties?
This is even more critical if you are in the process, or thinking of purchasing a home. A change in your credit card balances may impact your debt to income ratio. Remember, your credit will be reviewed throughout the process. You don't want your dream home to slip away because of excessive spending during the holidays.
Here is a series of blogs I wrote earlier this yeat about budgeting and managing finances:
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.