DON’T DELAY–NJ TAX AMNESTY IS HEREDecember 3, 2018
NEED HELP FILING YOUR 1099s?December 19, 2018
THE HOLIDAY SEASON IS HERE…AND SO IS THE SHOPPING SEASON. ARE YOU A SEASONAL SPENDER OR DO YOUR EXCESSIVE SPENDING HABITS STRETCH
OVER THE ENTIRE YEAR?
It’s not a big surprise if you find yourself reaching foryour credit card more often around the holidays. The National Retail Federationis projecting that consumers plan to spend an average of $1,007 on gifts, decorations and candy this season.
However, if you’ve noticed your plastic habits don’t fluctuate throughout the year, it could mean you’re livingbeyond your means … and you may be heading for financial disaster. Here aresome ways to tell that you need to get your spending habits under control:
- Your credit card
balances keep growing.
If you’re only tackling minimum payments, you’re not going to see your credit
card balance go down. To start digging yourself out of a financial hole, try
paying double the minimum payment amount. Then keep doubling it. Your goal
should be to pay the total balance on your credit card each month.
- You’ve got a lot of
Have you taken out a cash advance on one credit card to pay off another,
then applied for another card when the first comes due? Stop. Instead,
make a list of your credit cards and balances and start working backwards.
If you opened two new cards this year, work to eliminate the balances of
those two card cards in 2019. Then move on to the next two, and so on.
- You’re working
overtime to cover expenses.
If you’re finding yourself taking on more and more work to pay for your
expenses, something’s amiss. Spend some time reviewing what has changed
with your finances and work life in the past year. Maybe you moved and
your rent is much more than you expected. Once you’ve determined the
biggest money drains, you can figure out how to deal with them. This might
mean moving somewhere with cheaper rent, or cutting social life costs.
- You routinely
charge everyday expenses.
Do you use credit cards to pay for groceries, gas and meals? Unless you’re
disciplined and pay off the charges every month, your credit card balances
can grow exponentially. Set a goal to pay off the amount you charged on
everyday items each month.
- You’re refused
credit. If your
credit score has tanked, it’s likely you’ll have a hard time getting
approved for lines of credit. Luckily, you have the power to raise your
credit score. You can start by paying more than just the interest on your
some time and a financial self-control, you can get your credit card game on
track. Call if you have questions on how to amp up your tax savings to free up
some cash to pay down your credit cards.