Tis the season to spend money! It is a known fact that the economy depends on consumers to balance the short fall for all the other months in the year. Most consumers spend more money in the fourth quarter (October, November and December), than all three of the other quarters combined. Most of that spending is done hurriedly based on sales and other trickery that lead to buyer remorse. Holiday spending has also led many to neglecting or deferring other responsibilities (i.e. tithes, saving and even tuition payments). This season, you can explore some tips to develop a plan to maintain balance with your resources.

The plans of the diligent lead to profit as surely as haste leads to poverty? Poverty is growing. The US Census Bureau released their numbers in mid-September revealing that there were 46.2 million people living in poverty in 2010. That’s the largest number in 52 years in our country. There is a direct correlation between the state of your finances and your state of mind. If your finances are out of whack, it is hard to be joyful and have peace. So, instead of doing what you have always done and getting the same results as you always have, it is time to create a strategy that makes you comfortable between living beyond your means or beneath your privilege during this season. Financial COMFORT Consulting can help you develop a plan. Schedule a complimentary consultation at www.financial-comfort.com.

Once your loved ones have given you their “wish list”, it becomes your responsibility to check it twice and determine if the items are within your means or if the recipients are worthy of your expenditures. It is imperative to devise a budget that allows you to meet your current obligations (monthly expenses) with your existing earnings. Don’t be intimidated by the term “budget”. A budget is simply a written plan that tells you how and when you will spend your money. It starts from an idea and takes time to develop. Financial COMFORT Consulting, Inc. will assist you with achieving a successful budget. You can find more information at www.financial-comfort.com. You can few sample budgets at www.betterbudgeting.com. Your budget will be specific to your income and your monthly expenses. You can make a quarterly, monthly or weekly budget. It may be best to develop your budget according to your pay schedule (i.e. weekly, bi-weekly, semi-monthly, etc.) that way you can be specific with where you will allocate the incoming resources to the outgoing expenses. (For Example, if you have $600 coming in on November 7, you can allocate for $100 to go to electricity, $75 to go to groceries, $60 for gasoline, $50 for your cellular phone, $125 for Tiffany’s charge, $90 for tithes and offering, and $100 to your holiday savings account to be paid on November 8.)

Use your budget to set limitations that allow you to satisfy others while achieving the goal of not receiving a disconnection notice from Columbia Gas or over-the-limit fees on your Saks Fifth Avenue card as the opportunity cost of doing so. It is still wise to have a strategy even if you may be holding an American Express card without limitations. No one really knows what the future holds and it is better to do a little pre-planning to prevent future debt and economical stress even if you can afford right now.

With your monetary boundaries in mind, become informed on which stores will offer you the best price. Don’t be fooled by sale prices, keep your receipts and know the policies on price matching and returns. Educating yourself properly is vital to getting the most bang for your buck as well as staying within your budget. You can use layaway as an alternative to spending a lot of money all at once as well as allocating a portion of the cost to go into a savings account each week until you have enough money to make your purchases. Also, there are an abundance of consignment shops and thrifty stores that offer trendy things at a fraction of the cost paid at department stores. You can get a listing at www.local.com. In addition to advertisements to spend money, there are a number of opportunities to save. Some banks offer savings accounts that match your deposit. Many companies have reward programs and cash back opportunities based on the amounts you spend. And most of the frequent flyer credit cards offer double rewards. Research these deals and others at www.feedthepig.org.

Once you have your budget and are familiar with the stores promotions, policies and plans, activate your plan as early as possible. The sooner you have completed your holiday shopping and saving, the more peace you will have during the season. Fa la la la, la la la laaaa!

FISCAL FINESSE is a means to help you refine your skills when it comes to handling your money. If you need more than advice and would like a complimentary personalized consultation, please visit the website of Financial COMFORT Consulting and mention the article and coupon code: RENEVENTS. We are happy to share some principles with you that are proven to promote faithful stewardship.

Jenefeness Clark, MBA
Financial COMFORT Consulting, Inc.