FNTN

Introduction.

The end of a year can be real tough on us all financially. No sooner is Thanksgiving done than we’re out again buying Christmas presents, ordering the Christmas feast and planning the New Years eve party. All of which means a massive drain on our financial resources, which these days is becoming more and more difficult to manage. However, there are plenty of money management tips available to help you both pay for the things you want as the year draws to a close and to prepare you financially for the New Year – so let’s have a look at some of the better ones.

The Christmas feast can be expensive to buy.

Work to budgets – not your credit limit.

Whilst no one wants to appear mean at this time of year, and be labeled a Scrooge, spending right up to your credit limit is just storing up trouble for the New Year. If you’ve completely exhausted your credit limit and something needs replacing in the New Year – like wash tub, TV, new tires for the auto etc, your only option will be to take out an expensive bad debt loan as you’ve no where else to turn. So, you really must set yourself a budget and stick to it. Set yourself separate budgets for how much you’re going to spend on presents, food and partying – and stick to them. How can you stick to your budgets – simple, just tell everyone that you’re working to a budget this year and, with all your family and friends probably in the same financial position, you’ll be surprised how understanding they will be and will even follow your good example.

Have a budget and stick to it.

Do you have to pay that price?

Similarly, but not the same as budgeting, is constantly checking to see if you have to pay the price you see on the ticket. You’ll be amazed at how many stores will give you a discount on all manner of things, especially clothes and electrical goods, if you’re prepared to pay cash – if you’re prepared to ask. Even if they only reduce the price by two or three percent, that’s a few dollars saved that you can spend on something else. Of course, if they offer a 3% discount, see if you can push them to a 5% one – you can only ask can’t you! Of course, to get that discount you need to get the cash out of your bank or off your credit card first. Two things here, don’t use ATMs that want to charge you for getting hold of your cash and think carefully about taking cash off a credit card, even if you can get a cash discount on the goods you’re buying. Why, well don’t forget that unless you pay the credit card balance off straight away you will get charged interest on it. Finally here, before going out shopping take the time to check through all those discount vouchers and offers you’ve seen and stashed away. Simply by using vouchers or using shops with special offers on could save you hundreds of dollars around Christmas time.

Paying cash – ask for a discount.

Be careful online shopping.

For most folk online shopping has two potential problems – not realizing how much we’re spending and the risk of identity fraud or being ripped off by the website. Shopping online is so easy as our account details are already stored online and, unlike in a store, we never even need to hand a credit card over to a shop assistant, let alone hard cash, it’s all just too easy to lose track of how much we’re spending. To get around this problem determine only to buy one item online at a time, come off the internet and update your budget planner for how much you’ve spent. Then you can go back online and order the next thing etc. Regarding getting ripped off online, the same as most things in life – if it looks to good to be true, it probably is. So something online at just 10% of its real value is almost certainly a poor imitation of the real thing. Also, never trust an online store that doesn’t show as being secure in your internet browser. Depending on how good your computer protection system is, identity theft and fraud online can be avoided. However, if you’re at all concerned about those two things – regularly check your credit score your credit history.

Who's got credit cards in your name?

Check your credit score.

By checking your credit score and your credit history you can quickly establish if you’ve been the victim of an online fraud or identity theft. The main thing to do here is to check for loans that you’ve never taken out. If you spot a loan or a mortgage that you’ve no recollection of at all – contact the credit rating company immediately. It could be a simple mistake, someone with the same name or a similar address, and be easily put right. But even so, anything erroneous on your credit rating could mean you’re paying more than you really need to on legitimate loans you do take out.