Today is Black Friday....the busiest shopping day of the year and a great time to get out and buy, buy.... But hold on a minute, it's only a great time to buy if you can afford it.
More than half of all Americans will do their shopping today with credit cards. Many of those shopping with the buy today...pay tomorrow attitude may require a reality check. The best deal on the planet is not a good deal if there are other priorities for your hard earned dollars first.
Instead of buying with credit card why not use the envelope budgeting system.. Purchase a package of envelopes. Write on the front of each envelope where the cash is to be spent and insert what you can afford to pay for gifts and other purchases.
Example: Son $35. Daughter $35 Husband/Wife $45. Uncle Louie $20. etc. etc.. Once you have decided what you can afford to spend...DON'T GO OVER THAT AMOUNT. As you're operating in cash you won't be tempted to ring up more credit debt than you can afford.
The Holidays are a wonderful time to give and share with families and friends, but keep in mind the cold shiver of January when the bills come due. It's wonderful to be a great giver during the Holidays.....but always remember your constant everyday bills such as electricity, food, taxes etc. must come first.
Debt...and interest on debt is a killer. Be sensible....Spend within your means...
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Thanks. Sincerely, David