4 STEPS TO CREATING A CHRISTMAS BUDGET Don’t Go Broke for the Holidays
Before you head to the mall or add items to your shopping cart online, you want to ensure you have enough money to cover your monthly expenses and buy your loved ones Christmas presents. You may feel overwhelmed about your finances and how you will manage to buy gifts. But if you create a Christmas budget, you won’t break the bank! HOW DO YOU CREATE A CHRISTMAS BUDGET? 1. Write down your monthly income: The first thing you want to do is tally up how much money you bring in each month. This lets you know how much money you have before you take out your expenses. 2. Write down your monthly expenses: You want to tally up the total amount of regular monthly costs, including housing, utilities, groceries, and internet. This also includes cars, credit cards, insurance, and other monthly payments. Be sure to add any streaming or subscription fees to this total.
3. Find out how much money you have left over: Subtract your total expenses from your monthly income. The number you get will be the money you have left over for discretionary spending, such as dinner
out, a concert, or Christmas presents. But make sure you leave some wiggle room for any unexpected costs.
2. Recycle gift cards: If you received a gift card to a store that you never used (or forgot about), re-gift it this year! Just be sure the card hasn’t expired. 3. Go thrifting: You can find great gifts at your local thrift store. Depending on where you go, you can get clothes, books, silverware, furniture, gadgets, and more. Christmas shopping can be stressful, but by creating a budget and sticking to it, you will survive this holiday season like a pro.
4. Plan out how much you want to spend on Christmas gifts: Write out whom you want to get gifts for and how much you want to spend. Track your spending as you go to ensure you don’t overspend or forget to buy someone a gift.
SHOP FOR CHRISTMAS ON A BUDGET. 1. Look at last-minute sales: Tons of
retailers will offer holiday sales as we get closer to Christmas. So be on the lookout for stores that mark prices down as St. Nick prepares for his journey.
10 EXCELLENT WAYS BUSINESSES FAIL
I recently had lunch with a friend of mine who happens to be in the banking business and has worked as a commercial banker for many years. Out of curiosity, I asked him, “When a customer comes to you with a request to borrow money, can you tell if they’ll be successful or not?” Suddenly, he got a big smile on his face and said, “Yes! Over the years, I’ve even come up with the top 10 reasons why I think businesses fail.” Then he started sharing his insights with me. I hope you’ll find them as interesting as I did.
Top 10 Excellent Ways That Businesses Fail by Todd Rinehart
1. The borrower tries to grow too fast. I have one location, but I want five more.
2. They start the business undercapitalized, and then come to the bank because they need more money because …
3. As an entrepreneur, they are great at selling, but their management skills are lacking.
4. They have weak financial reporting skills and are not preparing financial statements in a timely and efficient manner. Their year-end income statement will not be prepared until …
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