Catch me tomorrow morning on WTHR Weekend Sunrise at 7:45 AM! Here’s a sneak peek of some of the money saving tips I’ll share.
The gifts are opened. The tree is probably put away {or soon will be}. And you’re left with that little post-holiday blues ache. Where did your money go in DECEMBER?! And why are your pants so tight? January can often be a stark wake up call if you’ve lived a little larger than life through Christmas and into the New Year. Now is the time to get back on track financially. And the Queen is glad to provide 4 Royal Tips to help you dig out from your Christmas mess.
1) Don’t Hide From the Bills. I’m sure you’re pretty well aware how I feel about credit cards. I don’t like ’em. We don’t use ’em. It took us a long, long, long time to pay off $16.5K in credit card debt and we have no intentions of going back. But the truth is, some of you *may* have used plastic this Christmas season. And I’m not staring you down at all {grace & peace, Lords and Ladies}, I’m here to help. So let’s begin with an honest-to-goodness look at how much you spent. Don’t wait for the bills to come and worse yet DON’T hide from them. Get online TODAY. Like as soon as this segment is over, begin figuring exactly how much you owe and to whom. Leaving it in the unknown becomes a scary monster under your bed. I’d also suggest cutting up your credit cards and never using them again. 🙂 Just a suggestion, you know.
2) Get a Written Plan. Wanting a budget and working one are two different things. Until you actually put pencil to paper {or keystroke to screen}, you’ll never learn to live within your means. So begin by charting out your January. Add your known paydays {and those of your spouse} to the “Money In” column first {it always feels nicer beginning in the black}. Keep in mind the fact that due to the expiration of the Payroll Tax Cut, your check is going to be smaller in 2013 than it was in 2012. After you’ve totaled the income, begin subtracting your most necessary expenses – Mortgage/Rent, Lights, Heat, Food, Gas. After that come smallerish bills and known expenses like Water, Trash/Sewage, Phone {can you cut your plan back for 2013?} & Cable {ditch it to save $!}. Then comes the debt repayment – car payment, credit cards, medical bills, etc.. Only after all of that, can you budget funzies like Dining Out {let’s be honest, it might be time to cut back}, Entertainment, Vacations, Gifts, Manicures, Home Decor, Clothing, and more. This very basic form might help you get a good start. You can also use pencil & paper, Quicken or a free online service like Mint but you MUST have a plan. Wanting it is not enough.
3) Use Gift Money Or Sell Your Stuff. Enter the Charlie Brown “teacher” noises because you probably don’t want to hear what I’m about to say. You might have to use that cash that Grandma gave you to pay off your debt. It’s not nearly as much fun as a new pair of shoes or a great weekend away but it’s a MUCH better use and will bring you peace. Your second option is to look around your home and see what you can sell. Treadmill stacked with laundry? Put that badboy on Craigslist. Old baseball card collection? It might not yield much but it could pay some smaller bills. Old books you’re never going to read again? List them on half.com.
4) Daily Check Your Finances. Let’s do a bit better in 2013 with monitoring exactly how much we spend. One of my first activities of every day is to reconcile our checking account. Have my deposits been registered? What’s my daily balance? What bills are coming up next? Online banking makes this incredibly easy to do. Again, don’t wait for a statement. Money will not magically appear in your account. Facing your finances takes the fear out.
There is SO much hope, Money Saving Lords and Ladies. I am confident that you can slay debt, save money, and be a better financial you in 2013. Let the fun begin!
