It’s the final quarter of the year and that means it’s also the season when a lot of people do serious damage to their finances.
To avoid becoming a negative financial statistic, make sure you avoid these three financial pitfalls at year-end.
The temptation to spend a lot of money – or even rack up excessive credit card debt – is never greater than the last three months of the year.
Some people go all out with food and holiday decorations, for events like Halloween parties, Thanksgiving Day celebrations, or family dinners and get-togethers during Christmas, Hanukkah or Kwanzaa.
Other individuals go hog-wild buying gifts and presents for family members, friends, colleagues and others. And still others spend gobs of money on holiday travel.
Even if you’re shopping for a big family, visiting relatives who live far away or simply entertaining at home, keep tabs on your overall spending, and don’t overdo it. Set a realistic budget for various categories of your spending so you’ll see where your money is going, and also consider areas where you can cut back. [continue reading…]