Gladys Famoriyo - Inspirational Author & Speaker

Beware Of The Sales!!!

Everywhere seems to be ‘Sale’ frenzy.  Every other advert on TV seems to be saying, “get out there and spend your hard earned money with us”.  Whilst the sales do look appetizing, just beware.

Hey, I don’t want to be a killjoy but in a few days times, the reality of a some peoples spending antics will hit them in the face – especially when they get their credit/debit/store card statements.  Then they run to the likes of me (a Money Coach) as if we can wave a magic wand and make all their financial troubles disappear.  Alternatively, they approach the bank or the like who, of course are in the business to make money, offer loans, overdrafts, and a lot more.  And now, you then spend the rest of 2006 paying it off.  What a noose around your neck!

So what’s the answer?  You might want to do the following before you splash out.

1. Just think before you spend.  Let common sense prevail.
2. Ask yourself if you can really afford it.
3. Consider whether the item is a necessity or a non-essential item i.e. do you really, really need it?  PS:  just because your favourite designer is on sale does not count!
4. Do you actually have the money to pay off this spending spree in are account?  PS:  I don’t mean your overdraft or your credit allowance on your card.  I mean money sitting in your account.
5. What would the financial impact of your spending have on your life?  For some, they are heading towards a financial mess.  Ask yourself if this is what you really want.

Remember, there will always be sales especially now the retail industry is suffering here in the UK.  I say don’t get caught up in the frenzy or you might just live to regret it!

PS:  If this article comes to late, i.e. post-your-shopping-frenzy, and you cannot afford what you bought, you may want to eat humble pie and return the item(s) (if its not too late, that is).  You might look silly in front of the sales person but think of your bank account.

Tips To Curbing Your Holiday Spending

Surveys have shown that food shopping bills can be as high as the spending on presents (if not higher by the time you add alcohol!).  So is there a way to cut down on your food shopping bill and still have a fun-filled holiday?  Absolutely!  Here are a few tips:

• Get out there early and stock up.  Have you ever left your holiday season shopping to the last minute only to find the rejects left behind which can include expensive food ranges.  The trick is to get there before the hoards do and stock up your freezers, cupboards, etc early.
• Look for alternatives to the usual.  Have you considered trying non-conventional holiday food?  It can be fun as well as taking the monotony of the yearly ritual.  In my family, we decided a long time ago to celebrate Christmas by having every other bird but turkey (especially as we don't really like it anyway!).  Though we have a few Christmas bits 'n' pieces, we just look for equally sweet 'n' nice alternatives which don't cost an arm and a leg - just because it's Christmas.  You might discover cos all the attention is on turkeys, other birds don't get as much as a look in and may even be reduced in price for that reason.
• Have a joint Christmas celebration.  This is the perfect solution for all the singles out there as you can partner with one or more other singles and share the bill.  The same can also work for families too as long as you are clear who is doing what.  That way, you get to spread the costs meaning more in your pocket. 

If all fails, why not just cut your coat according to your size, do what you can do to celebrate the day and look forward to more prosperous days ahead.  After all, it's only one day!

Making It Through The Holiday Season....Debt Free!

Here Are My Top 5 Tips To Help You Stay Out Of Debt As The Holiday Season Looms On Us.

1.   Before you splash out on anything, give yourself a D-I-Y financial health check.  Can you really afford all that you are planning to spend?

2.   Set yourself a realistic budget and stick to it.  Don't just conjure any amount but look through your finances and base your budget on this.

3.   Decide on spending the money you have i.e. money you actually have in the bank, not the credit allowances on your store cards, credit/debit cards, etc unless you have the means to clear them by their due date AND you are disciplined enough to do so!

4.   Create a priority list of who is going to get what.  Let’s be real here, you probably cannot afford to buy all on sundry everything and anything nor could you afford that 5-star luxury cruise.  So narrow down your list to what’s really important.  As for those who might be in a financial pickle right now, you might have to forgo the idea this year and plan better for next year.

5.   Watch out for the 'guilt trips' when you decide to curb your spending to avoid a bad start to the New Year.  You might also want to take a moment to consider what your motives are.  Presents or spending money in generally should not be used to compensate for something else that is lacking!

BE WISE is the rule of thumb here.  No one wants to cramp your style but do you really want to spend the rest of next year trying to make up for this years holiday season spending antics?  Don't know about you but I sure don't want to enter the New Year penniless. Better to have a modest and affordable holiday season than to wind up like the hoards who gave their finances no thoughts and end up in a financial toilet!