The 12 Debts Of Christmas Part One

By: Brandon Schmid

How to Manage Money and Make it Grow
Oh the weather outside is frightful
But the fire is so delightful
My credit card is maxed out so
Let it Grow! Let it Grow! Let it Grow!
Tis the Season for too much spending
And there's just no comprehending
How will I pay my bills next year?
Let em Grow! Let em Grow! Let em Grow!
My debt is as deep as the snow
Oh what a terrible fright
And I know it will continue to grow
How will I sleep through the night?
Now the presents have all been given
To the poor house I have been driven
And my credit scores are way down low
Help it Grow! Help it Grow! Help it Grow!
The holidays are right around the bend and you have a couple things on your mind. How am I going to avoid dinner at the in-laws and how are you going to be able to afford this come next month? Over the next couple of weeks I will go over 12 tips for holiday debt relief. Each one will teach you little by little how to manage money and create a debt free 2010!
HOLIDAY DEBT TIP 1: Don't Add More Debt
Did you know that every $50 you add to your credit card balance will add another month to the time you will be able to pay it off. Don't fear, the holiday's aren't cancelled! Santa is still going to make it this year. You have to keep close attention on your budget. Right now you should really sit down and calculate the numbers. Determine the things you need and the things you can do without. Do you really need a present for your pet iguana or a brand new outfit to show the family on Christmas day? Decide on what is truly important and what you can pass on. You may amaze yourself with how much you will actually save. This is a wonderful time to learn how to manage money.
HOLIDAY DEBT TIP 2: Make a List and Check it Twice
It might be easy to overlook your finances during this busy holiday time but you must remember the big picture. It's time to set goals and follow through with them.
Goal #1: Start an Emergency Fund - Any amount helps. Even if it's just $10 or $25 a week it's time to start now and it will help. The goal is to have at least $1000 saved up and the sooner the better.
Goal #2: Start Debt Stacking - those credit card bills are probably starting to role in right about now. This is a great time to start with the snowballing approach with your debt. Review my previous posts for debt stacking tips.
Goal #3: Cut the Cost of Living - There are all sorts of ways to cut those expenses. Turn down the temperature a few degrees when you are at work or when you are about to go to bed. Shut off any lights when you aren't in a room. Check any windows or door ways where the warm air may be seeping out and properly seal it. You can save lots of money this way.
Goal #4: Clip Coupons - Every store wants your hard earned cash. Look on the Internet or in the newspaper for deals. The more time you spend shopping around for the best deals you will save lots on your holiday purchases.
Try creating six other personalized goals for yourself. If you are having trouble find some resources on my blog that will help. If you have some questions ask me and I will try and help!
With my next post I have created another delightful song you can break out around the dinner table with family and friends and a couple more tips on how to manage money and remain debt free this {holiday season|Christmas!

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