Unlocking Abundance

Have you noticed that January can seem EXPENSIVE!

Why so? Because we’re receiving so many charges made in December; mainly: holiday gifts and experiences!

What comes up for you when you open a bill from the holidays? If you experience some buyer’s remorse, you are not alone. 

You might even be feeling some regret. One way to wrap our heads around regret is to redirect our focus. What were your favorite memories from that holiday? Of those, which of the most meaningful experiences were relatively low-cost? How can prioritize meaningful experiences and spend less next time around?

You might even dabble with creating Sinking Funds! These are used when you’re saving money for something specific, for a set amount of time, in advance. Tip: dedicate one credit card that will pay for all expenses related to the thing you are saving for. Be extra-savvy by choosing a credit card with rewards you will actually use!

For now, we can commit to doing better next time and stay present and tackle these bills!

Use the following steps to pay off Holiday debt, or any high-interest consumer debt you may be carrying—without the shame and remorse.

1. Dedicate to paying down those specific bills by envisioning what you will do once that debt is gone. What will this open up for you?
2. First things first, and start with baby steps. Put a date on the calendar when you know you will have some free-time to tackle looking at the bills, in advance of when the bills are due. Set the mood: put on nice music, have a snack, and open up all sources of payments used for the specific expense you are tackling. Think credit cards and online shopping 3rd party vendors that allow you to carry a balance.
3. Total up the spending amount you are going to tackle now. 
4. Take a break, focus on the memories that were meaningful from these expenses and revisit why you want these bills to be paid off.
5. Divide the amount by a number of months, this is your monthly debt payment. (Focus on highest interest debt first–check the credit card interest rates.) Use these calculators to see exactly how quickly your balance might come down, and if a balance transfer might quicken the process to becoming debt free!
6. Pull up your personal monthly spending for the next that many # of months you’ve identified to prioritize debt, and see how that payment you calculated fits in. If it doesn’t seem doable, where could you cut back in the Wants category, for just that number of months?
7. Take a break, get a drink or a snack. Come back and focus on what you will do with your time once these bills are paid off. How will you treat yourself?
8. You have options for paying this debt, and automating the option that works for you is best. Feel free to make extra payments when you can, your credit score actually increases the more often you pay towards your balance!

How good would it feel to have the holidays (or other debt from a specific event you’ve been carrying) paid for, and to know your plan is on a timeframe that works for you?