Sufi M and his staff operate The Glaring Facts, one of the leading and densely populated websites involving psychology, media-related material, history of science, and money management. We are certain you will find something that will fascinate you.
The holiday season is a tough time for students, especially since you’re probably broke. Even though you’re not the wealthiest person in the world right now and most certainly don’t have an executive position in a company, you’ll probably end up using your credit card thinking it’s the best way to deal with your penniless situation. This is exactly the train of thought that will cripple your personal financing for many unending years.
You mustn’t resort to your credit card when you have don’t have a money, even if it’s Christmas time and New Years is approaching. You should be more creative with your gifts instead, more cheap with an intelligent thorough budget. With only £30 in your bank account, try and avoid that Versace purse you think your girlfriend is gonna love. If you don’t have the money you are hoping for, that the credit card will provide, think wisely about this–do you really want to end up with a bill that transfers from month to month on an unbelievably high interest? I think not. Let’s see how you can budget this holiday season:
Decide on a budget: Before you begin to use money you don’t have, carefully write down all the names of those who you want to give something to and what you plan to buy for them. Beside their names, write down their respective spending estimation, and be firm with the decision on how much you’re going to spend and what gifts you’ll be making. Stick to the budget, it’s key. Without discipline, you’ll find that you’re going to be swimming in debt for things you bought for people.
Creativity is the Key: You’re probably considering that expensive Versace, even though I suggested it wasn’t a good idea. Try to consider a more creative gift, something that would most likely cost you 90% less than what you intend to spend. There are lots of websites, take Etsy.com for example, wherein several individuals creatively design all sorts of stuff that you could take advantage of, or you could simply make your own stuff! Think outside the box, because not all electronics are worth the debt that awaits you.
Avoid Over-Spending: It’s commonly held belief that the holidays are for togetherness and reaffirming compassion to one another, but you have to refrain from over-spending–not everyone deserves a gift, we both know that. While it may be unexpected that someone you didn’t prepare a gift for gives one to you and vice versa, so just keep gifts to immediate relatives and your super close BFFs. Don’t worry about buying things for everybody, people will get over the Christmas blues–at least you won’t suffer from prolonged debt.
Prepare for 2011: While this may sound stupid, it’s a much better option than buying the presents while they are super expensive. You could wait until after the holiday wherein people most often return their unwanted Christmas gifts, forcing retailers to cut the costs on the products you want the most. Get those gifts and give them to friends and wish them a belated Christmas! Why not? Lots of people have done this, you’re certainly not the first!
If you do find something you like and you can’t get it right away, you can save it for next year, you can at least save the money you’ve made for that time. It’ll still be available, plus it might even be available over Amazon, Ebay, or similar websites.
It’ll be a tough journey for you to achieve a debt-free life during these holiday celebrations, but you can do it if you are disciplined enough. With these points in mind, I bid you terrific New Years!