Happy New Year from Be Frugal Live Wealthy!!
I hope everyone had a Merry Christmas and a Happy New Year and enjoyed spending time with friends and family. I spent time with my family just relaxing and enjoying each other's company.
Now that the VISA bills from Christmas are starting to come in and you may have to pay for Christmas the way most americans do--after the fact, I want to discuss with you a couple of items you may want to do to prepare for the coming year and even prepare for Christmas 2011 so you don't have to go into debt to finance it.
First, if you haven't done so take inventory of those gifts you bought for Christmas 2010 and write down the values so you'll know how much you spent on Christmas. You may be surprised how much you spent, especially if you didn't plan for it. If you have some gifts that could be returned because you realize you don't need them or they don't fit right return them and either get cash back, money added back on your account or a gift card. This will help reduce the financial and physical clutter.
Second, use the values you determined in step one and divide by 12. This will give you a monthly amount you need to save in order to prepare for Christmas 2011. Make it automatic by contacting your bank and asking them to take it out of your account on payday so you don't see it. If you don't see it you won't be tempted to spend it; out of sight out of mind.
Third, Take some time to rebalance your portfolio. Take a look at this video and look for ways to rebalance your portfolio and get your retirement plan back on track.
Let me know if you have other tips to help our readers prepare for 2011 so they won't go further into debt and push away financial freedom further.
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