Must of the people start the year with a lot of debts, this is usually called the Financial Christmas Hangover. This is du to the fact that people make a lot of bad decisions during Christmas time. Here we will talk about the five must common and how to avoid it to have a healthy financial January.
First we have to understand that all that start wrong finish wrong, so the best thing to do is to make sure to start right, and even if we make a mistake during the road, the correct path is to shift for the better and keep moving forward fixing any mistake or issue we may encounter.
5 MOST COMMON FINANCIAL MISTAKES IN CHRISTMAS
1.PEOPLE GOING IN SHOPPING SPREE. Is no need to go to the store and try to purchase the whole store, with things that we do NOT need just to feel good for a few hours. The best thing to do is avoid as much as possible looking at retailers or commercials, turn the blind eye, understand that 98% of the things you want, you do not want it, is just promotional marketing that been implanted into your brain through mass social media in all shapes.
2. NOT TO SEARCH FOR REAL DEALS. If you need something, just pause for a few days before purchase it, make a plan, even if is inexpensive, must of the time you will see that you do not need that and will not purchase it, now in the case that is something important and really need it, just look for deals, do NOT purchase in the first place you see the Item, just shop around through different retailers, and you will find a good deal, do NOT believe in the sign that says "ALL MUST GO" "75% or 50%" discount, those prices are rigged, if that will be true, the store will loose and no business is in the market to loose. Think about it.
3. DO NOT ANALYSE IF YOU REALLY NEED IT. like we said before, many of the things you buy, you do not need it, you will proof this point by just, holding the time of the purchase, if you need something, set a date when you will go and look for that item, when that time comes, try to postpone again for further time, if you manage to do this several times without problem, then you will realize, that you do not need to purchase that. If you are a compulsive buyer, what you have to do is, set a date, at least 2 weeks after the time you saw the item, just to shop around, when that time comes, just set another 2 week, to go out to purchase the item, if at any point you find you can postpone or add more time, then you do not need the item.
4. DO NOT AVOID CREDIT CARDS. the mayor reason why people are in debts beside bad management is the over use of credit cards and their interest, just avoid this tool, use it for emergency only, remember that an emergency is not to purchase a new TV or Purse of your favorite designer. An emergency is to paid for a medical bill or treatment or something related to a child education with a deadline, Emergency is not to book a cruise or trip to the Caribbean for vacation. Know the difference, knowledge is power only when you act upon it. try to save in cash the money for the item you want and when you save the money without sacrificing responsibilities, then you can purchase it.
5. USE MONEY THAT IS DESTINED TO OTHER THINGS. beside the credit card debt another mayor problem is when you use money that is destined to other thing for momentary pleasure. Let's say you see a TV that you like, but credit cards are full and you decide to use the rent money, just to purchase the TV. That only will take you to a whole new level of depression. try to understand, that if you can NOT purchase an item in CASH without sacrificing RESPONSABILITIES, then you can NOT have the item, that is a fact.
If you have any questions about this topic or any other please feel free to contact us with any questions.
