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The holidays are over, but chances are there’s still one thing left to open: That credit card statement.
For many people, January can be a tough month, financially, because people are working to pay off the debt they accumulated over the holidays, or start saving for the next big splurge.
It’s also a time when many people vow to make better financial decisions in the new year.
The National Endowment for Financial Education, a nonprofit devoted to personal finance, has posted a list of tips for starting off the new year on good financial footing.
Our favorite: Assess your debt.
The first step to paying down your credit card debt is figuring out how much money you actually owe. That will help you set realistic spending and saving goals.
Another good one: Pick just one item to cut out of your budget to save money. Temporarily giving up that trip to the coffee shop or dinner out is a simple way to save money without changing your life all that much.
Click here for the full list of tips, and share your best simple money-saving tips in the comments section below.
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Leave a Comment:
I get myself an Xmas gift every year. It's called NOT going into the red for "things."
Try to find satisfaction in paying debt, being debt free, consuming less, driving less, flying less, working less. Enjoy the smaller things in life. Google for "DEFLATIONARY CRASH" to understand why this is not the time to get ambitious about your economic expansion.
Yea.. but it was worth it, I spent it all on booze...
I doubt our loved ones want us to go into debt buying them material things. Truly the thought is worth more than any gift, especially one we can't afford.
We paid everything, including our house, off, live within our means and save up for everything we need. That's why we'll be retiring at 55.
The real headache is coming with Obama asking for another $2 trillion increase in our debt ceiling so he can spend more of our children's money. The man is unpatriotic, the word Obama used against Bush for his spending.
662 billion for defense...300 billion more for national security...another trillion for SS. medicare and medicaid...which one is Obamas fault?
Like two wars, two tax cuts and a medicare prescription bill never happened
My neighbor did the same things and she had just retired after 40 years as a nurse. House paid off, plenty of retirement money. Then, one week before xmas, a DUI driver ran a stop sign and killed her. Now her paid-for house sits empty and we are all in shock. Enjoy life while you can, for tomorrow you may die.
My mother retired and was diagnosed with Alzheimers within 2 years. She died 8 years later and didn't remember anyone or anything. I'll take the quick death, we're all dying...some of us are just a little deader than others.
I gave up credit cards 4 years ago. Been a cash only guy since.
Amazing how much money I have to spend now that I don't have to pony up a percentage to the bank each month. Also, some merchants give you on-the-spot discounts for paying with cash. Mostly at gas stations.
If I don't have the cash right now, I save up until I do. If I can't do that, I don't really need it and life goes on. And yes, I have a cash stash for those little emergencies that pop up at the most inconvenient time.
I do carry a debit card on me so I can make on-line purchases, stay in motels, rent a car, and such. Life is good without credit!
I have a credit card only for extreme emergencies. I charge one thing under $50.00 every month and pay it off at the end of the month in order to continue to establish credit. However, I live by the rule that if I can't afford to pay cash for something, I don't need it. If I want something I save up for it and then go and pay cash for the item, even if it's big ticket stuff like furniture. It's nice to not have any debt. But it wasn't always this way. In my 20's credit cards were my best friend.
The adults in our clan all agreed to confine Christmas gifts to those under 21 this year. It worked out extremely well and the adults simply enjoyed the company of each other. I have a feeling this will become the norm in our family from now on.
what does Dave Ramsey say..."the paid off mortgage replaces the BMW as the new status symbol."
Yah, I can dig that.
Beev> That's exactly what Dave Ramsey said. Nice to "see" ya again, dude.
Cash USED to be king. But now if you are getting an avg. 2% cash back for using your credit card as I do, you pay less IF you make sure to pay off the statement savings each month. And you end up paying no interest for what is effectively a month's loan. The stuff I bought just before Christmas I'll pay for -with no interest- on February 11. The thing you MUST do is keep tabs on how much you charge so the bill at the end of the statement cycle doesn't shock you.
if we didnt have the money, no one got a gift just a dinner, a hug and free wine, that's enough. Too much commercialism around Christmas (yea I said Christmas, so there) when tis the season for family and friends not material things.
Having been a financial planner for more than 25 years, personal credit card debt remains the most common stumbling block to financial security.
Been credit card free for 10 years now and I have more money to spend then ever in my life.That said but when I did have credit cards I messed it all up and it was all my fault.It was a hard lesson to learn but learn it I did.
Thank you for realizing that the credit card isn't the problem, it's the individual's decision to charge more than they have! I have used credit cards for everything for the past seven years, but I only spend what I can afford and pay the balance off each month. So now I have good credit and no credit card debt. I understand sometimes emergencies crop up that kill your saving and you have to charge a little more than you have at the moment, but a lot of people buy stuff that isn't essential and that they can't afford on credit cards and then complain that the debt and lost money in interest is the card company's fault, and that makes me crazy!
Debt free going on 3 years in March! House, cars, everything we have--PAID FOR! No debt-EVER-again!