Early Financial New Year Resolutions

While most people (quite logically) wait until January 1 to make their New Year Resolutions, perhaps there’s a very good case for making your financial resolutions a bit earlier - like now!

The time between early November and the end of December is often an expensive one with the holiday season and the dangers of spending extra on your credit card - especially, for example, to buy Christmas gifts - with the good intention of paying it all off in January. But if you are wise enough to start making your new financial resolutions now, you might be able to start the year off on a much more positive note.

First of all, don’t buy expensive gifts over the holiday season just to “keep up” with other people. If your family and friends knew that you would be putting yourself into more debt to be able to give them a gift, they would rather not receive the gift - and if they don’t think this way, they don’t deserve a gift. There are also plenty of creative ways to come up with cheaper but still thoughtful gift ideas.

And secondly, don’t relax too much into the spirit of the holiday season, Thanksgiving included, by spending more because it’s a “special occasion”. You can make it more special by sticking to your budget, not using your credit card if you don’t have the cash to back it up, and remembering that come January or February, you’ll still be feeling happier compared to the distress you might feel if you spend too much now and have the bills roll in early in 2009.

photo credit: Joe Lanman