Avoid the Holiday Hangover by Properly Budgeting

By R. David Michaels

Tis the season to be jolly. Assuredly, most of us are thinking about the gift(s) we will get for each of our loved ones. As we do so, we should be calculating to assure we do not suffer a financial hangover once the holidays are over. It is easy to fall off of our budget this time of year. We see the great sales that retailers offer, and we make a purchase. If you are doing so with accumulated savings, you are in decent shape. The use of a credit card, on the other hand, can cause the savings from the sale to evaporate.

This occurs if you end up paying interest on that purchase. Interest will be charged if you are carrying a balance on that credit card or do not pay the bill in full when it arrives. So, while you may have gained a savings through the sale's price, financing charges result in a profit for your creditor and may cause you to pay more than the actual presale price if it takes months to pay that purchase off.

How much have you budgeted for the Holiday Season? How long will it take you to pay it off if you charged it all?

Credit hangovers and buyer's remorse make for a depressing start to the New Year. We at Credit Score Maestro want you jolly all year long, and having your finances in order while building your credit score to enjoy lower interest rates help make that a reality.

Speaking of a great gift, give Winning the Credit Score Game to your loved ones who need some financial guidance, and gift yourself with a copy. It is a gift that will keep giving once you apply its plans to build a 760+ credit score. We wish you a Happy Holiday season and a prosperous New Year. Peace be with you.

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