'Tis The Season to Be Jolly

With the Christmas season fast approaching (only 28 days to go folks!), are you looking forward with excitement and anticipation to the eating, drinking and being merry? Or perhaps you have an entirely different mindset, and you are concerned about the costs and the impact it will have on your finances?

With a record number of people thought to be funding Christmas either partly or entirely on credit cards, one thing is for certain – the actual cost of Christmas will run well into the New Year and beyond for many.

But just as you might go on a diet in the New Year to shed a few excess pounds, the same mindset can be applied to your finances – and here’s our top tip:

Treat your finances as a business!

The fact is that for the vast majority of people, if they were asked to manage their household as a professional business they would approach it with an entirely different attitude and mindset than they do currently. If you have ever managed a budget as part of your job, then you will know this is true. For example:

How well do you balance your books each month?
How healthy is your cash flow, and do you live on less than you earn each month?
How efficiently do you manage the household budget each month?
How tightly have you controlled the expenditure in various areas of the business (eg food/drink, clothing, socialising, etc)?
Where you have managed to deliver savings?
How organised is your record keeping and filing system?
And are you looking ahead to make sure you have properly budgeted for the future – that you have anticipated any major expenditure coming up, and have made proper provisions for it.

Managing your finances needn’t be an arduous process – but just like dieting, if you keep your focus and pay attention to doing the right things in the way you manage your money, then over time you will see a difference…

As Brian Tracy says, “Becoming rich depends on shaping the right habits and taking the correct steps over and over again. It is no accident.”

And finally - there is one underlying principle that lies at the heart of all sound financial management, adherence to which can either make or break us:

If you spend more than you earn every month, you will get into debt

Or to look at it another way:

If you spend the same as you earn every month then potentially you can manage (if nothing goes wrong!), and

If you spend less than you earn every month, well then, potentially you are on your way to wealth!

For support and encouragement in every area of your life during the Christmas period, Champions Club is here for you.

Kind Regards,

Guy Insull,
Founder,
Champions Club

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