Financially Happy Holidays!

I had a great time on the Isha Cogborn Show! We discussed 'Keeping Your Holidays and Your Money - Happy! Below is the transcript from our conversation and a link to the audio is posted to in the column to your right. Check out Life Coach Isha at epiphanyinstitute.com

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WELCOME! The holiday season is upon us! A time filled with lavish parties, hearty meals, gift-giving and for many, lots of stress. On the first episode of The Isha Cogborn Show on BlogTalkRadio.com, Life Coach Isha Cogborn will get you ready to enjoy the holidays without losing your sanity or savings.

You might be feeling the pressure of giving your kids a perfect Christmas, treating your holiday guests like royalty, or looking fierce every time you walk out the door. Black Enterprise Magazine Featured Financial Coach Dorethia Conner will join us to talk about why it’s ABSOLUTELY CRITICAL not to overextend yourself over the holidays and how doing so just might haunt you till next Halloween. Plus, Coach Isha will address your top holiday stressors. You can’t afford to miss this show…literally!

Coach Isha:  Ok Dorethia, we've been financially responsible all year long. Isn't it normal to spend   more money during the holidays? We're cooking big dinners, buying gifts, traveling...these things are important to us. Can't we splurge a little just for these two months?

Dorethia: I don’t  mind a little splurging, my question is: can you afford it? When you have paid all of your monthly bills, put money in savings and other obligations… what’s left? If you can't handle those things, you shouldn't even think about it! Yes, it is normal to spend more during the holidays, how about we take a break from the NORM?

Coach Isha: What’s the best way to prepare for the extra expenses the holiday brings?

Dorethia: Planning throughout year will save you a lot of grief during the holidays. If you aren't disciplined to put away money without touching it, open a Christmas savings account. You add a certain amount of money each month and aren't able to withdraw it until October. 


Key Point: When you think about how much money you might need, don’t just think about gifts you want to buy. Think about those dinners, those Christmas parties,  the increase in your grocery bill and maybe any holiday concerts or shows you want to take in. We often only think to save for gifts, but these other expenses add up as well. It makes the holidays more fun when you've pre-planned for all your expenses. 

Coach Isha: Assuming we haven’t had a chance to do those things for this season, how can you still enjoy this time of year and not punish your family for your lack of planning?

Dorethia: In that case we simply have to scale back our gift giving. You can still buy gifts of course, but always have  a certain amount to spend on each family member and maybe you just buy for your immediate family. When times are tight, I know many couples who exchange love for themselves and only buy for the kids. In addition to gifts, we should also create  family traditions – everyone making a craft, playing board games as a family, cooking  desserts together - are all ways to do this. These things make holidays special and are often remembered much more than the gifts.

Coach Isha: I know there’s someone out here that’s saying to themselves, “I hear you, but you only live once. You’ll always have bills, but the opportunity to create memories with family and friends doesn’t come very often. I’m using my credit card”. What would you say to urge them to spend responsibly?

Dorethia: Isha I hear that all the time and it is simply a foolish point of view.  Since when did creating memories have to equate to spending money.  How often do we remember the times we laughed together or got excited over a family game without spending a dime? It is short-sighted thinking and we have to begin to think like the wealthy – who  think and plan long-term. Ask yourself 'how are my actions today going to affect my financial future?' So you splurge during the holidays, racking up credit card debt, missing bill payments, when you can’t afford it, and you are crying in January. Why? Because you know you will spend the rest of the year trying to pay for toys that were destroyed Christmas day!

Coach Isha: You offer financial coaching, workshops, all sorts of resources for people, like me, who just may not be naturally gifted at managing money. How can people work with you?

Dorethia: I co-host an online Twitter talk show called #moneychat each Monday evening at 8p.m. eastern with my good friend, @BenitaTyler of TBS USA Accounting and Tax Services, where we discuss a variety of money topics in plain English! In Twitter Search type in hashtag and then moneychat (#moneychat) and you will find our thread to jump in the conversation. Follow --> @DorethiaConner

Listeners can visit my website at  www.connercoaching.com for Free Spending Plans and other resources.  In addition to speaking, I coach individuals and small businesses nationally via net meeting and telephone on matters ranging from getting out of debt to funding business ventures and building wealth.
Thank you for having me Coach Isha!
-Dorethia
 connercoaching.com