Did you overspend during the holidays?
Dr. Boyce Watkins, prominent Syracuse University Professor and author of the book “Financial Lovemaking 101: Merging assets with your partner in ways that feel good” offers these tips if you overspent on gifts:
Find out the cause of out-of-control shopping: You always regret it at the end, but you keep doing it. Like any spendaholic, if you don’t find the reasons for your gluttony, you will be forever gluttoned (sounds slimy doesn’t it?).
Stop spending for about three months: It’s time to deny yourself a few things. Cut any excess fat from your budget, and consider even slicing at the bone. Pay necessary bills only, give yourself no credit card access and keep a limited amount of cash in your pocket.
Cut up one of your favorite credit cards: You have been in an abusive relationship with this credit card for far too long. It is time for you to have the courage to walk away.
Increase your income: There are only two ways to stay within your budget: cut costs or increase income. As the rapper Snoop Dog says, “You have to pay the cost to be the boss.” If you can find another way to make extra money, then you have earned the right to be a bit more financially chubby.
Forgive yourself: You are human. Our most valuable lessons come from our most costly experiences. If this bad experience keeps you from ever doing it again, then it was worth it.
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