MYMM 521: Not Financially Ready for Christmas?

The Minding Your Money Minute | Business and Personal Finance Tips to Manage Your Money Better

Today on the Minute – Not Financially Ready for Christmas? I read an article on GoBankingRates by Cameron Huddleston and in this article she talked about 7 signs that you might not be able to afford Christmas starting with the fact that if the mere thought of it stress you out, you probably can’t afford it. Today on the Minute – Not Financially Ready for Christmas? I read an article on GoBankingRates by Cameron Huddleston and in this article she talked about 7 signs that you might not be able to afford Christmas starting with the fact that if the mere thought of it stress you out, you probably can’t afford it. I know it’s a radical thought – the thought of foregoing Christmas but if the alternative is racking up more debt, this might be the year to be radical. I’ve included a link to the Cameron’s article in my notes but here are three of mine to ponder: You’re living paycheck to paycheck and you have nothing saved. Well, that’s actually two but you get what I mean. Most likely if you’re living paycheck to paycheck you probably don’t have much in savings. So if you don’t have anything saved for Christmas, where will the money come from? You need to use credit cards to buy gifts. I know that some people want to use credit cards for rewards, etc. but it is a totally different story if using credit cards is your only option. You’re saving for a big goal and this would throw you off track or delay the big goal. So if you really don’t have the money what should you do? Well, I don’t recommend that you go into debt just to look good to your friends and family. I recommend just opposite – to face the truth of your situation and work from there. Explain to your friends and family early on that this is not going to be a typical Christmas and what your intentions are to get back or stay on track. Then stick with your plan. Don’t forget the true meaning of the day and why we celebrate. Christmas is one day that will come and go very quickly but debt can live on forever. And, that’s the minute for today. You know I love helping people with all aspects of their money. If you have a question, send it to me at [e-mail] Thanks for listening and as always remember that minding your money really is the path to a richer life!