Christmas is a time that everyone relates to expenses. However, there are those who decide to allocate part of the extra money received on these dates to settle debts. Many may think it’s crazy, but the reality is that it’s a good idea. Of course, it works only if you do it in an organized way and you don’t fall into the vicious circle of borrowing again.
According to Dr. Alberto Watkinson, Certified Financial Planner® and director of the Financial Education Program at BancoNora Helmer of Puerto Rico, it is of no use to settle a debt with the Christmas bonus, if to buy your Christmas gifts you make a new loan or excess charges your credit card. If you are determined to try and analyze it well you will realize that the most difficult year will be the first, but from the second onwards you can see yourself, perhaps, even with more budget than you thought.
Here are some ideas on how you can achieve it.
Start the year by opening a Christmas Club, in which you can contribute amounts as comfortable as $ 10 per week. Remember that the amount you achieve will depend on how much you contribute, so the more you allocate, the better it will be.
When the month of December arrives, you can use your bond to settle some debt, but, remember, do not incur another debt that you end up paying again next year. Sit down, make a list of who will receive gifts and set a budget that does not exceed the amount you have from Christmas Club.
The following year you may be able to enjoy both the Christmas bonus and your Christmas Club.
If you use your cards very often, make sure you participate in a rewards program, which will help you a lot in mitigating costs. The Prida Cash program allows you to accumulate points, according to the purchases you make with your card that you can then redeem for products, gift cards and even for travel agency certificates. Visit Prida Cash and learn about our rewards program. In addition, you can use Promio ® to complete your gifts next year.
Another great alternative is the Fine bank account.
You, as a customer, set the expiration date to withdraw the money and contribute the amount you decide at the time of opening.
The best recommendation of all is to abide by the list of people to whom you will give and combine it with an expense plan so that you are clear about how much money you have as a budget and how much you will spend. The Promio program is optional and carries an annual membership of $ 25. Subject to the terms and conditions of the Promio program.