Holiday Time

Welcome Conscious Spender

Thank you, for continuing on this journey with me as a conscious spender! In order to help you turn this into a habit, I must reinforce what was discussed last Thursday in my post. Plan! Plan! Plan! Sale! Sale! Sale!!! These are key ingredients needed for this masterpiece we are creating together. Now that we have reaffirmed our commitment to being conscious spenders, let’s get to the meat and potatoes.

Knowledge during the Holidays!

The holidays are fast approaching, aren’t we all very excited?  I know I am! During the holidays we look forward to good food, family time and of course gift sharing. Here are some facts to think about before you do your holiday shopping:

American Research Group Survey concluded, that most families spend $900 during the holidays and the number increases if your family consists of children under 12 years of age.

This year it’s time to flip the script!!! How about we reduce that number by $100 and for those willing to take it up a notch I encourage you to cut it in half. Reader be advised, I am in no way telling you not to give a gift or throw a party! I am though providing you with other options that will increase your net worth and expand your personal happiness in the long run. Let me illustrate to you what investing $100 a month for 5 years could reflect with an 8% rate of return.

If you contribute $100 a month	100
Interest Rate	8%
Starting Value today	–
Number of Months	60
5 Years from Now	$7,397

 

Now, compound interest is our friend! Of course, I can’t just give you numbers without any action steps.

1.  Create a list of potential gift receivers. Let’s play Santa and check the list twice! Who no longer needs to be on this list? This is a way to reduce the amount you spend during the holidays.

2.  What gift is really important this year for the receiver? Do they need it, deserve it and how long will it have value? I hear two months!  I understand the joy we get from giving a love one a gift they really want. Trust me I love my nephew to death but not to DEBT. Loving him to death doesn’t mean I have to spend tons of money on him. Instead, since the age 8 I began teaching him the importance of money and try to encourage him figure out what is important and not to spend all the money he receives.

3.  Remember that the holidays are just one day or one week. Go back to that place in your brain and erase the emotional spending section. I know you love seeing that smile on a person face when they receive a gift but what about the smile in their heart because they know that you love them and will do anything for them. Give a gift or two but DON’T go overboard!

Summer in Winter time

Summer time fun at Christmas time is what we will call it. Just like during the summer months, during the holidays let’s have love ones over. Pot luck style is the key. Everyone bring something and create activities to do when the family comes over. What memories do we hold on to longer? The pair of earrings you received or your cousin that use to break it down at every family gathering. To this day, I love messing with my cousin because he thought he was MC Hammer at every function. You are laughing or smiling at the thought even now. Let the Holidays be a time of family fun and not a time of emptying all the money in your pockets. Trust me on January morning you will be saying thank you Shareeke for saving me tons of cash.

Your friend and advisor,

Shareeke the conscious spender

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