Stacy Francis is a nationally recognized expert in finance. She is President of Francis Financial, Inc., an independent, fee-only, financial planning firm that helps individuals just achieve financial freedom, and founder of Savvy Ladies®, a 15,000+ strong non-profit organization that empowers women to take control of their finances and achieve a more rich and rewarding life.
Stacy has appeared on The Today Show, CNBC, Fine Living and is frequently quoted in publications such as The Wall Street Journal, Business Week, Barron’s, CNN, The Daily News, Dow Jones, Money Magazine, MSN, Newsday, and many others.
Stacy is called the human Prozac of wealth management! She literally takes the worry and anxiety out of managing your finances. Contact her at stacy@savvyladies.com
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How to Avoid the Financial Holiday Hangover
The festive season is once more upon us, and most people will be loading up their credit cards while some may even be tempted to sign up for in-store credit cards. There are times when incurring credit card debt may make sense, but holiday gift-buying is not one of them. Using credit cards often leads to impulse spending, overspending, and increased debt. Nearly one-third of adults say they spent more than they planned on holiday gifts. Most spent $100 to $500 more than they planned. It is hard to pay off an extra $500 on credit cards after the holidays. There are many ways to use your credit cards more wisely during the holiday season. Here are some suggestions:
•Make up a budget and don’t spend more than you can afford to pay back within one month. Too many people buy extravagant presents and let the credit card bills mount
Make up a budget and don’t spend more than you can afford to pay back within one month. Too many people buy extravagant presents and let the credit card bills mount•Buy your holiday gifts all year round. It saves you spending a wallop of dough in December. The average MasterCard household balance is $2,241, most of that accumulated during the festive season.
Buy your holiday gifts all year round. It saves you spending a wallop of dough in December. The average MasterCard household balance is $2,241, most of that accumulated during the festive season.•A better approach is to save small amounts of money throughout the year in a special holiday gift fund, make a list of all the people you'd like to give gifts to and how much you can afford to spend on each one, and pay cash.
A better approach is to save small amounts of money throughout the year in a special holiday gift fund, make a list of all the people you'd like to give gifts to and how much you can afford to spend on each one, and pay cash. •If you find it difficult to save money throughout the year, join an old-fashioned Christmas Club, still offered by smaller community banks and credit unions. You put so much a week (a manageable amount), often deducted automatically from your paycheck, into a special Christmas Club account at your bank.
If you find it difficult to save money throughout the year, join an old-fashioned Christmas Club, still offered by smaller community banks and credit unions. You put so much a week (a manageable amount), often deducted automatically from your paycheck, into a special Christmas Club account at your bank. •Shop early for the best price and selection and to avoid hefty January bills. Some retailers raise their prices closer to the season and others may be out of what you want. This is especially true of children’s toys
Shop early for the best price and selection and to avoid hefty January bills. Some retailers raise their prices closer to the season and others may be out of what you want. This is especially true of children’s toys•Pay bills ahead of time or add an additional 20 percent to each bill a few months before Christmas. You'll be grateful for the decreased financial pressure when December arrives.
Pay bills ahead of time or add an additional 20 percent to each bill a few months before Christmas. You'll be grateful for the decreased financial pressure when December arrives.•During the holidays, your credit card company may offer to let you skip a payment or two. Or, it may invite you to pay back only the minimum or even reduce your minimum payment. Don’t be tempted to take these offers since you’ll pay more in the long run.
During the holidays, your credit card company may offer to let you skip a payment or two. Or, it may invite you to pay back only the minimum or even reduce your minimum payment. Don’t be tempted to take these offers since you’ll pay more in the long run.•When the credit card bills come in, pay off the maximum you can afford not just the minimum.
When the credit card bills come in, pay off the maximum you can afford not just the minimum.Have a merry and debt-free holiday!
