Loans By Kathy: Will you be saving or spending this holiday season?

Will you be saving or spending this holiday season?

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:

Every Household Should Have a Budget - Getting Started

Every Household Should Have a Budget - Step 2

Every Household Should Have a Budget - Savings

Every Household Should Have a Budget - Checking Account

Every Household Should Have a Budget - Life Insurance


Every Household Should Have a Budget - Auto Insurance Policies



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Kathy Sheehan Senior Loan Officer






Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

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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.


Comment balloon 9 commentsKathy Sheehan • November 06 2013 06:44PM


We have never been much of a help for the economy at holiday time. At our age we have all the crap  we need.

Posted by Rob D. Shepherd, Principal Broker GRI, SRES (Windermere/lane county) almost 6 years ago

Great series  'Every household should have a budget'

Excellent reminder for those purchasing now or in the  new future.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) almost 6 years ago

Rob and Margaret, thanks for the comments. 

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 6 years ago

And this is very good advice to your clients as a mortgage professional.  The budgets can help with saving for down payments, closing costs, and that's a gift to oneself any time of year!    What a fabulous series.

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 6 years ago

I am planning on giving more to my family this year... especially items of need - I've cut back the past 3 years and finally this year, I can do a little more for them.

Posted by Carla Harbert, RE/MAX Omega, Brunswick Ohio (Full Time REALTOR in Ohio) almost 6 years ago

Kathy great reminders, especially at this time of year.  Personally we're not much into the big gift giving thing, meaninful gifts - yes!

Posted by Anna Banana Kruchten - Phoenix Homes Sales, 603-380-4886 (Phoenix Property Shoppe) almost 6 years ago

Hi Kathy - excellent advice.   Very good to way to showcase why proper and realistic budgeting is so important in achieving your goals.   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 almost 6 years ago

Thanks Carla!

Carla, glad you have a plan!

Anna, I agree with you!

Michael, I appreciate the kind words.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 6 years ago

People think because Christmas or the Holidays only come around once a year, it's okay to splurge. You just explained why that is not a good validation for overspending!

Posted by Suzanne Otto, Your Montgomery County PA home stager (Six Twenty Designs) almost 6 years ago