Wednesday, December 12, 2007
Today's Tip: Start Saving for Christmas in January
Debt doesn't have to make it a blue Christmas. Not everybody can afford to spend nearly a
thousand dollars on Christmas gifts every year. Keep in mind that the statistic on the right
credit card, open up a side savings account that you can comfortably contribute to
throughout the year. Look at the comparison below and think of where you would rather be:
If you were able to save an extra $10 per paycheck, you would have $250 by Christmas.
If you were able to save an extra $20 per paycheck, you would have $500 by Christmas.
If you were able to save an extra $50 per paycheck, you would have $1,000 for Christmas!
Well, that's the good. Now let's look at the ugly. If you financed $859 dollars on an 18%
interest rate credit card, you would accrue finance charges of $12.89 per month. Heaven
forbid you had to travel and financed $1,500 for gifts and travel expenses, you would
accrue finance charges of $22.50 per month.
So let's review. Find a way to save an extra $10, or pay an extra $12.89? Even if you
aren't able to save as much as you'd like, it could help you avoid using that credit card
during the "most wonderful time of the year." Sure saving might not be the easiest thing.
But when evaluated comparatively, I think you might be able to set aside just a few extra
dollars every pay period.
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
Debt doesn't have to make it a blue Christmas. Not everybody can afford to spend nearly a
thousand dollars on Christmas gifts every year. Keep in mind that the statistic on the right
credit card, open up a side savings account that you can comfortably contribute to
throughout the year. Look at the comparison below and think of where you would rather be:
If you were able to save an extra $10 per paycheck, you would have $250 by Christmas.
If you were able to save an extra $20 per paycheck, you would have $500 by Christmas.
If you were able to save an extra $50 per paycheck, you would have $1,000 for Christmas!
Well, that's the good. Now let's look at the ugly. If you financed $859 dollars on an 18%
interest rate credit card, you would accrue finance charges of $12.89 per month. Heaven
forbid you had to travel and financed $1,500 for gifts and travel expenses, you would
accrue finance charges of $22.50 per month.
So let's review. Find a way to save an extra $10, or pay an extra $12.89? Even if you
aren't able to save as much as you'd like, it could help you avoid using that credit card
during the "most wonderful time of the year." Sure saving might not be the easiest thing.
But when evaluated comparatively, I think you might be able to set aside just a few extra
dollars every pay period.
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
My Financial Profile - MyFinPro.com
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