The latter part of January and the beginning of February are considered very stressful financially for many. Between the months of November and December we tend to make quite a few holiday purchases; whether it was buying gifts, paying for travel, or entertaining winter guests. Some of us have charged those expenses and are just now getting the credit card bills for them.
The current financial stress that tails us from last year can be remedied. I am declaring February as Fix the Funds February.
This month is a great opportunity to create an action plan to begin a financial recovery process. We will explore some practical ways to cut down spending. The money that is saved can be applied to credit card debit, other debts, or savings. Many other debt counselors would have advised you to put away your credit cards and to not use them for a while. However some of us did not accumulate credit card debt but instead spent tons a cash just the same. Part of any recovery is to first let the wounded area heal. You remember when you were a child and would get wounded, you kept picking at your scab? Your parents would tell you to stop picking the wound otherwise you were delaying the healing process. Each of the Fix the Funds February task will only last for one week. Yes, I could make each task a one month long challenge, but lets be honest lots of us have issues committing and this a great way to get started .
The first Fix the Funds February task is to not make any purchases. I am a huge fan of online shopping. I will admit that there are many nights I am shopping online while in bed from my smartphone. I have gotten really good of at putting lots of items in the cart or my wish-list and determining if any of them are an actually needed. I challenge you to not purchase anything that is not absolutely necessary this week. Before making a purchase, ask yourself if the item you are purchasing is going to be needed that day or even this week for sure? You will begin to notice, that a lot the items we spend money on are not going to be used any time soon. Ask yourself, do I have an alternative to the item already? Oft-times there is something we already own that would fit our needs at the moment. I am participating in the challenge as well. Try to keep track of what you would have purchased, so you will have an ideal of how much money you were able to keep safely in your bank account. I think you will be pleasantly surprised at the outcome. Happy Health & Happy Savings!!!