Financially Fit New Year

The season of gift giving has come to a close, but the season of paying for those gifts is just beginning. The American Research Group states in their 33rd annual report* that holiday spending is over $900 a person, with much of that spend believed to be on credit cards that can carry high interest rates. When paying just the minimum each month, it drastically increases the actual out-of pocket cost well over $1000 and more. Here are a couple tips to chip away at the balance:

  1. Gift Cards: These are great gifts, but may not be your favorite restaurant. Check out online companies that will pay you cash for unwanted gift cards, and apply it directly to your credit card payment in January.
  2. Regifting: You don’t want to get caught regifting – but you may be able to find someone outside of your normal circle who appreciates the gift more than you. You can post the item including photos online, and let the internet do the work. Still “in box” items can bring top dollar on these shopping networks, providing more money for your own bills.

Of course the best way to keep your credit card balances low is to not swipe them as much each December. Paying cash may seem old fashioned but may help you mentally monitor what you are spending and put you in great shape for a financially fit new year. As the calendar changes, we encourage you to look at your situation in case your mortgage needs have also changed. If you plan on buying in 2018 or want to complete a mortgage review, please contact us today!