Look To the Western Sky

A blog about single life as a parent & the dreams of a writer by Margo L. Dill

Tag: budget

Overspent this Christmas? Now What? 5 Tips To Help

(contributed article)

If you fear you might have overspent this Christmas and worry you might not be able to pay the credit card bills that will soon be coming your way , it can understandably be tempting to want to bury your head in the sand; however, it tends to be much better to know where you stand, so that you are in the empowered position to nip any issues in the bud rather than let them spiral out of control.

Here are a few pointers to help you get your finances back on track, as the majority of the world nurses their financial hangover after overspending in the festive period.

  1. SELL ITEMS YOU DON’T USE

Many people have things lying around, or even in draws or the attic, that they don’t use anymore.  If you are willing to consider selling these items, you could sell them online via sites like Craigslist or eBay, or even have a more traditional garage sale, depending on the weather this season where you live.  If you have gift cards that you don’t plan to use, you could sell these too; and if you have any unopened gifts that are unwanted after Christmas, then consider taking them back to the store and receive a store credit in return.

  1. GET AN ADDITIONAL JOB

Depending on your schedule, consider getting a part-time job for a few months, or perhaps setting up some freelancing or small business, like dog sitting, opportunities.  Investing a few hours each day in either activity could give you sufficient earnings to pay off your debt at a much faster pace.

  1. REDUCE CURRENT SPENDINGS

It can be heard to cut back after such exuberance in the festive season; however, you’ll be joining the majority of people as they tend to their financial hangovers after spending so much during the holidays.  Indeed, January is one of the quietest times of the year for restaurants and hotels.  

  1. MANAGE YOUR CREDIT CARDS

Focus on paying credit cards that have the highest Annual Percentage Rate (APR) first. You might find that you can’t realistically repay your credit card balances. In this scenario, consider getting a credit card that levies no interest on balance transfers for 12 – 24 months. Pay the nominal transaction fee (approximately three percent of the amount transferred). You will be able to save more money on this card. Remember that your existing card will charge you interest once you cross the interest-free period.

  1. DON’T USE PLASTIC

Until you repay all your bills, avoid making any further purchases on your credit card; and try to pay in cash for making purchases, as this makes you feel more connected to the amount you are spending.  Doing this will ensure you avoid adding to your existing levels of debt.

That said, if you find that your credit score has been compromised with your overspending, once you have paid off your outstanding debt, try using financial products available specifically for the purpose of rebuilding credit.  

As an example, there are plenty of rebuilding credit cards available for people that have a poor credit score who are looking to improve their financial position.  These credit cards often charge a reasonably high rate of interest, but they are a great way to help rebuild your credit; and presuming you pay off the balance each month, they are a worthwhile investment in repairing your credit.

In summary, please know you’re not alone if you’ve overspent this Christmas, as there are plenty of people who will be nursing their financial hangover this New Year.  The trick is to get back on track as fast as possible, and to do that, you need to focus on getting more money in and spending less–even if just for a little while.

 

Share

Great Parenting Needn’t Be Expensive

(contributed article)

The start of the new year is a lean time for many as we awaken, bleary eyed from the excess of late December and face the challenges of the new year. The trouble is that the view can be pretty grim through the lens of a New Year’s hangover (literally, metaphorically, or all of the above). After what seems like an eternity of seasonal spending, your bank balance aches, and your credit score looks grimmer than your father-in-law when he unwrapped yet another pair of socks for Christmas. Maybe you maxed out your credit cards to pay for the Christmas season; and though the memories will last a lifetime, they certainly won’t pay the bills. Soon the kids will be back at school and a whole new avenue of expense will open itself up to you.

If you’re recovering from the spend-a-thon of the festive season, it can feel like your personal finances simply won’t allow you to spend money on quality time with your children. For all their wonderful new Christmas presents, eventually they will grow tired of them, and you will be hearing, “I’m bored.” While there are lenders out there who specialize in personal loans for bad credit, your parenting needn’t go hand in hand with your expenditure. Sometimes, the most meaningful gifts you can give your children involve no to little expense whatsoever.

Be forthcoming with your affection

All the iPhones, xBoxes, and designer shoes in the world amount to nothing when you are comparing them to your child feeling loved. While your kids are unlikely to ask for hugs and kisses, they crave them far more than the superficial trappings, which they’re far more vocal about. Tell them that you love them and you’re proud of them. Kiss and hug them every day. If you don’t engage with them on this level (despite their protestations), it’s one of the ways to impede their interpersonal development when they grow up.

Nourish them

Nourishment is one of the most important duties of a parent. This means not only giving them the emotional nourishment they need but ensuring that they eat a balanced diet. While they’ll never thank you for it, a good diet is one of the most important gifts you can give a child. It will ensure that they grow up as healthy and nutritionally aware adults who lead long and healthy lives. Don’t be fooled into thinking that you have to load up on cheaply made pre-packaged foods just because money’s tight. Filling your fridge with fresh veggies and researching nutritious and delicious recipes that enable your kids to actually enjoy them is not only great parenting, it’s surprisingly easy on the household budget.

Treat them like an adult

Maybe don’t offer them a cigarette and a shot of vodka before sitting down to your favorite zombie flick 🙂 HA! HA! , but treating your kids with the same respect and transparency as you’d treat, say, a work colleague, is tremendously empowering for them and is likely to engender maturity.

While it’s perfectly fine to spoil your kids over the festive period, it’s important to remember, especially in the thrifty aftermath, that the most meaningful gifts you can give your kids won’t cost you a penny.

Share