GlobalGrind’s financial coach, Lynn Richardson, an author and licensed financial professional who advises celebrities and others around the world about money matters, has a few words of wisdom to help you ensure that “Black Friday” won’t become “Broke Friday” and here’s what she has to say:
Too many Black Friday shoppers are living check to Monday: they get paid on Friday and are broke by Monday. But this weekend has the potential to land many in a position where they just might be living from check to 2 o’clock.
Here’s a few tips to avoid getting trapped and to ensure that the holiday season will not prevent you from having a prosperous 2012:
1. Use cash so you won’t fall into the trap of a spending addiction. This is what you have when you go to the store for that one $19.99 camera deal, but you walk out with a hundred-and-seventy-nine-dollars and forty-seven cents worth of stuff you don’t need. If you just take $25 with you, instead of your debit/credit card and/or personal check, it will be difficult to spend beyond your means.
2. Shop with people who have similar budgets. You will feel better if all of your shopping buddies have $100 to spend than if you’re hanging with a show-off who has ten times that amount, and you’ll be less likely to try to keep up with the Jones’ by spending money you don’t have.
3. Shop online. It will save you time and frustration, and you will be able to see a running total of your shopping cart at all times. Make a list and stick to it and you’ll find your online shopping experience to be an asset to your bank account.
4. Don’t forget what this season is really about – love. “He’s making a list and checking it twice; he’s gonna find out who’s naughty and nice” . . . yes, Santa Clause is coming to town, but when he leaves, please don’t let him take all of your money with him.
Have a blessed holiday. For more tips from Coach Lynn, click here: www.facebook.com/madeaofmoney.
