Do you want to learn more about personal finance and do better with your money?

Here you will find tried and true practical methods for squashing debt, getting on a budget and saving money.

Understanding and managing your financial health is arguably, one of the most important things you can learn. It doesn’t need to be scary. We will make things simple and straightforward. Saving money should be fun, not stressful.

Holiday Debt Repair

The path to setting your year straight: Make a come back from holiday debt.

Are you feeling the effects of a holiday debt hangover? Follow these 6 steps to get back on track again.

#1: You need to assess the damage

Total up your gifts given. You should know what you bought or be able to track it fairly easily. I would suggest adding 15% (20% – be honest!) for gift giving related expenses. What does this mean? Think wrapping paper and cute gift bags, lunches while out shopping, maybe parking costs to shop, candy cane lattes …. etc etc .

Be real with getting the total damage here, we can only work on what we know and see. If you hide a body under a rug too long…. you may not see it but it will start to stink! Let’s air it all out in the open and work towards the debt as a whole.

#2 Cut the Credit

That’s not a typo, cut the credit cards up! Before you stop reading now or delete your following, hear me out. You do not need a credit card to do life. You just don’t! Canceling and cutting them up is the best thing you can do. If you are skeptical, at least lock it away in a safe place and avoid using it for now. Trust me, you will be surprised at how little you miss them after a small period of time apart.

#3 Simplicity

You need to create a period of this. It will not come easy at first. Make a plan for family game nights, movies, reading , exercise , whatever you need to do to not spend money. This is part of a process of behavioural change and not just about upfront savings. Nothing good comes without work and pain. Plan a no spend month …. 6-8 weeks would be better if you can hack it.

#4 Pay your Debts

Have you heard of the debt snowball? Pay all extra money outside of immediate need bills (house, food, utilities) directly to the lowest owed debt. I do realize this goes against traditional financial advice which would advise you to pay the highest interest rates first. This method works because it brings with it an early sense of accomplishment. You will have a tangible gain and be able to build motivation and momentum more easily. * to note here…. you need to be paying significantly more than the minimum requirement to make impact fast. Otherwise you are paying primarily interest and treading water, losing more and more of your hard earned cash.

#5 Avoid Temptation

Change your routine or habits.

Don’t go to malls, or restaurants, or online sites if that’s where you shop.

I recommend you unsubscribe from all emails from your favourite stores and retailers. It’s hard to ignore a great sale email, at least initially. If you didn’t cut up that credit card and you do go to your fave shopping centre, you still know it’s home for next weeks grocery emergency if you blow your food budget today on an amazing BOGO shoe sale at the mall. Don’t put yourself in this situation.

Instead, change the routine. Go for a walk, call a friend or your mom, read a book, make coffee at home. Trust me, you’ll thank me later!

#6 Plan

Let’s plan for next Christmas now. Make a list of everyone you bought for this year. By doing this you won’t forget anyone, especially a kids special teacher or your mail carrier! Make that list now while it’s still fresh in your mind. Total the gift amounts and divide by 12. Put that amount away every month this year so when December comes you can cash flow Christmas gifts easily and proudly. Stick to this plan and you will eliminate holiday related financial stress, feel great about giving and sail financially stress free into the New Year.