Christmas is just two weeks away so you may have finished your shopping. But if you’re a procrastinator, you still have time to give yourself a great big Christmas present - staying out of debt. It’s not too late to really make this the most wonderful time of the year by not going into hock. Financial planner and teacher Rob West has tips for a debt free Christmas. Then he takes your financial questions at 800-525-7000.
- We’re not telling folks not to spend money on Christmas are we?
- It’s a little late to control spending this year though, so are we just talking about 2019?
- Then what do we do about 2018?
- What if there’s not enough cash on hand to go around this year?
- The beauty of using cash only is that it has a built in restriction: You run out of cash, you have to go home and it forces you to set limits and prioritize.
- Are there any online resources to help with Christmas spending?
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If you've had a variety of long term care insurance policies proposed to you, what are some ways to judge them?
- If you just transferred a credit card balance over to a 0% card for 21 months and have a credit score of 781, when should you close the old card in order to keep your good rating?
- If you've been advised to open an HSA account, how do you know if you're eligible and if it's a good application for your needs?
- If you've acquired some property through inheritance along with some funds that will pay for its maintenance for about a year, how should you determine if what you should do with the property?
- If you inherited a house with a mortgage currently at $137,000 wherein realtors want to list it for $160,000, will the gains from selling this house negatively affect your finances with regard to taxes?
- If you have a 16 year old son who's working a minimum wage job and is spending everything he makes because online purchasing is so easy, what should you do to correct this direction?
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