 |
 As
the holidays approach, many of us find ourselves loosening
our grip on our pocketbooks, preparing to show our loved ones
that we care by spending beyond our means. And these days,
with Reality TV implying that celebrity lifestyles are commonplace,
there seems to be more pressure to buy than ever before. Of
course there’s nothing wrong with generosity—it’s
one of our greatest assets—but the key is finding balance.
We need to inspire delight and thanks while not forsaking
our financial fitness.
We caught up with Barbra Williams, a financial coach in Kenosha,
Wisconsin, for her take on our collective financial well-being.
“Americans seem to be overburdened from every direction,
life in general has become very complicated…There is
more personal wealth in America right now than ever before
and yet most Americans are not wealthy.” Perhaps we’ve
been keeping up with the Clauses for too long.
This year, as the retail frenzy is about to begin, Williams
suggests that we make a choice. We can meekly charge up a
storm for every bargain luxury we find, saving our budget
woes for an annual New Year’s resolution overhaul. Or
we can plan ahead, shopping frugally but with care, and get
back on track with finances before rather than after the festivities.
Here are Williams’ tips for getting back into financial
shape before heading the sleigh back to the mall.
- Assess your financial situation: Make an honest assessment
of your current income including the how, when and where
of your spending. Determine how much money you’re forking
out each month for bills, but don’t forget to take
into consideration the spending on everything from prescriptions
to lunches, haircuts to stocking stuffers. It all adds up!
- Decide where you want to be financially: By setting financial
goals you will be able to focus on what you need to do in
order to get there. Is taking a second job a good idea?
The holiday shopping frenzy means there are plenty of part
time job opportunities. Assess if there are corners that
you can cut in your spending which will help you become
financially fit. Believe it or not, cutting out the daily
spiced pumpkin latte may be one of the keys to reaching
your financial goals faster.
- Make goal-based decisions: Don’t make random financial
decisions—make decisions based only on whether they
bring you closer to achieving your financial goals. When
you look at it this way, you’ll realize that signing
up for a new cell phone plan for your preteen will bring
your family no closer to its goals. Make sure to take into
consideration that better financial decisions move you forward
on the path to success. Stop using generosity to rationalize
unnecessary expenses!
- Do something every day to move you closer to your financial
goal: Knowledge is power and in order to stay motivated,
why not keep finding new ways to stay on track? Attend a
money management workshop, read a financial advice book,
find helpful web-based newsletters or possibly even ask
for professional help. Doing this every day will keep you
focused on your goals and prevent you from slipping into
bad habits.
- Learn to manage the money you have now: Money management
is the most critical factor in building wealth, so it is
time to learn how to live on par with your income. Plan
for next year’s holiday expenses today by laying out
a clear budget for the entire year. If you are really motivated
to make a change, learn how to live beneath your means.
This is a surefire way to accumulate wealth!
 The
holidays can be taxing, but they don’t have to be. If
we take ownership of our spending now, we can avoid some of
that stress. “Financial problems hurt more than your
bank account,” notes Williams. “When you feel stressed
about money, that anxiety has a negative impact on all areas
of your life: your relationships, your job and your health.
Carve out some time to sit down, grab all of your bills and
outline your roadmap. Simply taking that first step will instill
a sense of relief.”
Finding this extra time during the holidays won’t be
easy. But it will pay off both fiscally and spiritually. Because
after all the wrapping paper has been tossed into the fire,
it’s easier to remember that, much more than giving gifts,
being present with your loved ones is what the season is all
about.
* For more information about Barbra Williams and the Success
Institute of America, please visit incometoday.net.
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