Got credit card debt? I can help you.
Nervous about the upcoming holidays and spending money you don’t have? I can help you.
Yes, times are hard. But it’s up to us to take control of our financial situation and do what we can to improve it.
With a little planning and encouragement, you can make a decision to be in control of how much you spend on non-essentials during the holiday season.
Start Making a Plan
Continuing to focus on how expensive everything has gotten won’t help you. But making a decision to get aggressive about improving your finances will. It starts with a decision. Then you have to brace yourself for taking action.
Jump straight to the Action Plan here.
Many people are struggling financially now. For many different reasons. The latest breaking news in the financial world is something the majority of people have in common: the record-breaking level of consumer spending in the U.S. But not just any spending - spending on credit.
Read more about it here if you can stomach it:
But a different article was more telling to me. It was about how much we spent on Halloween in 2023. Another record-breaking amount.
“The National Retail Federation’s annual Halloween consumer survey conducted by Prosper Insights & Analytics revealed that total Halloween spending in 2023 was expected to reach a record $12.2 billion, exceeding the previous year’s record of $10.6 billion.”
We, as Americans, spent 12 BILLION DOLLARS on Halloween in 2023???
Hello Wants vs Needs!!!
Now I happen to love Halloween and think it’s a lot of fun, but seriously? Where did all of the giant skeletons in front yards come from this year??? Some company made a pile of money off those.
Spending money on things we don’t NEED has to stop if we’re ever going to get out of debt.
The Pressure to Spend More During the Holidays
The end-of-the-year holidays get us in trouble every year and it’s up to us, individually, to stop it. It’s the best time to put your foot down and say, “I’ve decided to make a plan to improve my finances today!”
Once you’ve made that decision, start watching for just how many ads you’re bombarded with every day - they’re everywhere! On tv, radio, while searching the web, on social media. It’s damn near impossible to escape it.
After Halloween, the Sales start. Ads designed by the 64 BILLION dollar advertising industry are competing to get your money.
The most deceiving advertising practice is the use of the word “Saving”. Ads tempt you with “Saving Money”.
When you buy their product, you’re not saving money. You’re SPENDING less.
If you were “saving” all of the money related to the purchase - you’d still have all of it. It’d be in your bank account. But instead, after you take up their offer to “save”, now it’s in theirs.
Get tough on resisting the ads. Learn to say “I’ll pass” when tempted with an impulse buy.
I’ve turned it into a game by laughing at all the clever attempts the big corporations make to get me to spend money!
In fact, not shopping has become my Superpower. I rarely go into a store unless it’s a grocery store or thrift store.
One of my favorite hacks when I absolutely have to shop online and find myself tempted with buying something I don’t really need, but want, is to save the item in my Wish List, without buying it. Then I go back later and find that I didn’t really want the item that much after all.
Now, about the upcoming holidays…..
Have a frank conversation with your friends and family about how you’re going to spend less money this holiday season. It’s awkward, yes, but you could actually be doing them a favor by suggesting that everyone spend less on each other this year.
Talking to Children About Money
When you have kids, it’s hard. They want the things everyone else has. I get it. But if you’re drowning in credit card debt or living paycheck to paycheck, it’s time to be a good role model for your kids. Don’t pretend you have money you don’t. That sets them up to have a difficult relationship with money when they’re adults.
There are many ways to talk to your children about money. Here’s one resource, https://www.parents.com/parenting/money/should-you-talk-to-your-kids-about-money-troubles/, but please do some Googling and read up on what childcare professionals have to say about how to talk to kids about money when you’re struggling.
I empathize with struggling families because I’ve been there. I was a single mother. I experienced job loss, debilitating depression, sky-high medical bills, and a myriad of other unfortunate circ*mstances that put me into a scary amount of debt.
And I survived to tell it. My daughter was angry at me for cutting back on things like cable and streaming services, but she survived too.
Stress About Credit Card Debt
So let’s get back to that credit card debt. The non-stop stress from credit card debt impacts your health, your relationships, your ability to sleep, and can lead to depression and anxiety.
Making a plan for how you'll eventually pay off the debt eliminates that stress. I promise you. You don't have to wait to feel free of stress from debt until it's finally paid off. Just making the plan will have a positive impact on your life right away.
Ready to make that plan?
Now's the time to do it. If you've read this far, you're serious about it!
When you’ve taken a deep breath and have made a commitment to yourself, here’s the next thing to do:
Face the reality of just how much you owe and that you’re the only person who can do something about it.
How do you do this?
Download a worksheet from my Resource Library here: www.valuesbasedfinances.com. You can choose an old-school .pdf or Excel sheet to fill it out. As soon as possible.
If you’re married, work on this with your spouse. Or at least review it together after you've completed it.
If you have kids, it’s time to have an honest conversation with them about money and how you’re going to get control of yours. Be a good role model for your children here.
Follow me on TikTok @valuesbasedfinances to watch short videos about money that you can learn from. I have a credit card debt playlist on TikTok.
Go here https://www.valuesbasedfinances.com/post/dealing-with-debt-a-4-part-challenge-part-1 to read detailed action steps you can take to make a plan to start paying off those cards!
Need more encouragement to get started? Book a free 30 minute call with Karla here: www.callKarlanow.com
