Save money for the holiday season
Don't go into debt this Christmas.
Greetings Prosperous Souls,
Last year, a WalletHub survey revealed that 24% of Americans were still burdened by holiday debt from 2022. Yikes!
Every year, 7 out of 10 Americans exceed their budgets during the holidays.
Even with crippling inflation and rising credit card debt, Americans continue to spend, spend, spend.
But what if I told you there was a way to enjoy the holidays without going into debt?
Turns out there is.
Years ago, my wife Dawna and I stumbled upon this secret, and it’s completely turned our finances around.
What is this strategy? Saving ahead of the holidays.
How much should you save?
Based on a 2023 survey, about 38% of Americans expect to spend between $501 to $1,000 on holiday gifts. I suggest you do a similar amount.
This shift in saving habits not only reduces stress; it shields you from the temptation to rely on risky credit cards and elusive “buy now, pay later” plans.
Don’t fall into the trap of using the holidays as an excuse to overspend. Having debt isn’t sin, but it is a form of bondage.
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s blend of experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@prosperoussoul.com