Do you find yourself stressing about spending money during the holidays and saving for the future? Well there are a few steps you can take right now to set yourself up for financial success in 2015. One of the most important pieces of advice I can give is to pay off your debt.
When my husband and I graduated college we both had car loans, we had just bought a house, gotten married, and had student loans to pay off. The idea of paying off our debt seemed impossible. That was until I received some very helpful advice from a friend of mine at work. Her and her husband had recently paid off all of their debt in TWO years; I was excited to learn how they did it. The concept is actually quite simple, and although we are not following her plan 100% the idea is the same.
You have to make a plan you know you can stick with. I knew that we could never empty out our savings to pay our debt off, so we took baby steps. We started out with paying off the smallest loan. Then we took that monthly payment and lumped it into the next loan we wanted to pay off. Once that was paid off, we added those payments to the next loan, and so on and so forth. This plan really worked for us and allowed us to feel financially comfortable to start our family.
Another thing you can do to set yourself up for a more successful 2015 is to start saving for birthdays and holidays at the beginning of the year so that you are not stressed out and scrambling for money around birthdays and holidays. Set your gift allowance for the year, divide that number by 52 (weeks in a year) and that is the amount you need to set aside each week in order to be able to spend stress free during the holidays. A good way to do this is to start a new bank account and have the money come out of your paycheck into this new account. Capitol one has some pretty awesome deals with new accounts right now that can even help kickstart your gift giving savings account.
Right now if you start a new 360 checking account with a minimum of $500 and make five transactions you can get a $100 bonus added to your account (customer must be new to 360 checking). If you start a new 360 savings account and make a minimum $1000 initial deposit, you can also get a $100 bonus (customer must be new to 360 savings). Once you are a customer you can take advantage of their Refer a Friend bonus per successful refer. You can see all those deals in the table below.
|360 Checking||$100 bonus||
|360 Savings||$100 bonus||
|Refer a Friend||$40 bonus per successful referral||
Those seem like a great way to put some additional money into your account for holiday shopping now or in the future. Check out Capitol One’s website to see more of their awesome black Friday deals.
Hopefully some of these tips will help you out this holiday season and into next year. Choose to make your New Years resolution about becoming financially successful in 2015.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
I hope everyone has a great day!