Ignite Your Wealth – Planning for the Holiday Season

Was one of your New Years resolutions to improve your financial situation? Have you checked in to see how you’re doing?

I know it can be a little scary, but take a moment to go find all of your New Years Resolutions. Then take some time evaluating how well you did.

Achieve, Keep, Toss, Whoops

It’s actually a wonderful thing to go back and review your goals and evaluate how well you’ve achieved them.

What if you succeeded! You need to go reward yourself.

And if you’re close, then you may find the extra motivation to push through to the finish line.

Some goals you will want to toss. Maybe you realized it wasn’t your goal and you only wanted it for someone else.

And then there are the goals that you missed the boat entirely with.

This week, we will focus on your financial goals and what you can do between now and the end of the year.

What Will You Achieve In 6 Weeks

Paying down any debt could be very difficult this time of year. You may want to look at other goals such as not increasing your debt.

So don’t set yourself up for failure and self-recrimination for not “doing better.”

If you plan your expenditures out now, you might be able to build up a small buffer of savings. You will start the new year in better financial shape, and a solid plan for 2020.

The key is being aware and mindful, and not getting swept up in the excitement of the season.

Plan Your Finances for the Holidays

There are some people who expect an actual present. Once you identify them, you can plan your budget. By brainstorming gift ideas now, you won’t get caught up in the holiday craze of overbuying things no one wants.

The Gift of Giving…..Your Time?

Other people may be perfectly happy with shared experiences. For example, instead of exchanging gifts, plan to go on a hike together.

Or maybe a road trip with a picnic.

Many of your friends and loved ones may have some hidden expense and be relieved at not having to buy a present.

Identify Those Hidden Expenses

Does your team go out to eat more often during the holidays? Or maybe your friends want to get together for a holiday cocktail when exchanging gifts.

The one that sneaks up on most people is hosting a holiday dinner. You don’t have to do a full dinner if you’re watching your money.

Instead, you could do a potluck, and have people bring their favorite dishes. This can be a fun way of getting to know one another.

Or you could do an open house with just some simple appetizers.

Whatever you think you need to do, it’s ok to pare it down.

Sneak In Some Savings

Do you work for a company that has a matching retirement savings program?

If so, you may want to sign up and have a little bit taken out each paycheck for your retirement.

You don’t have to do it this year. You can have it start up in 2020.

And if they don’t, you can work with brokerage firms or your local bank to have a small amount set aside regularly. The you won’t even notice it’s missing.

The joy is that if you choose savings, you’ll have an emergency fund set up in no time.

And if you choose retirement, you can have the confidence that your future is being taken care of.

Managing Your Budget

Did you set up an online budget using one of the programs I recommended?

If you have, now is a good time to evaluate where you’re spending money. Are there any places you may be spending a bit more than you want, such as eating out?

Even if your spending is under control, and you have no debt, it’s still a good idea to build up savings and live on a budget. Budgets are just guidelines for how you want to live your life.

If you want to spend more on eating out, and you have the money for it, enjoy!

But if you’re going into debt, or you don’t have enough money for things like rent, the mortgage, or insurance, then you need to manage your cashflow better.

Keeping Your Head

It’s so easy to get swept up in the excitement of the season. But does your pet really need that Santa costume for $50?

Promise yourself you won’t buy anything on impulse.

You can also use affirmations such as

• I choose financial freedom
• I am in control of my money and buy only the things that I need
• I am strong and in control of my cravings
• I am releasing the need to buy things
• I am free to make my own choices
• I can choose if I will spend money today and every day
• Being mindful is my natural state
• Being financially responsible is easy
• Today I take positive action towards my long-term financial goals
• Following my budget will help me achieve my goal of financial freedom
• It’s easy to sacrifice short-term pleasure so I can achieve my long-term happiness
• Today I am in control of my thoughts, choices, and actions

Find a few that resonate with you. Then keep them somewhere handy so you can repeat them when confronted with temptation.

Remember it’s important to have a positive and abundant mindset about money and wealth.

Keep Building Your Millionaire Mindset

A Millionaire Mindset is a choice and a decision that you make.

It’s important to give yourself time to build up the skills you need. We all make mistakes when learning a new habit. And that’s good. It means you’re making an effort.

You also get the opportunity to learn who you are and what wealth means to you.

To truly ignite your wealth, you have to be living your ideal life, and not someone else’s idea.

The Millionaire Mindset also continues to look for opportunities.

Maybe now is the time to find an additional source of income like InnerOrigin. Contact me if you want to learn more about the opportunity.

My Final Thoughts

I strongly recommend thinking through your end of year expenditures now before all the Black Friday sales.

In fact, thinking through your gift giving now will make it easier to find the right bargains when items go on sale.

It’s not the plan, but rather the planning.

You also need to commit to staying mindful, and doing what’s best for your future self.