Holiday Spending

Holiday Spending

Following the Christmas season, Jane realized she was unable to pay her credit card bills. After consulting with CFE and developing a budget, she discovered that her credit card bill was filled with Christmas gifts and unneeded clothing expenses for her family. Jane developed a list of goals that included developing a budget to track both income and expenses. Rather than continuing to use her credit card, Jane began to make purchases on a cash basis. Unsurprisingly, she found it much more emotionally challenging to spend cash as opposed to simply swiping her credit card.
While working with CFE, Jane began thinking differently about her purchases and began to encourage her sister to get financial help. She even presented the idea to her family to not buy so much for Christmas. Her family agreed. While working on paying the bills, her husband got a different job in another part of the state. The entire move was paid for in a relocation package. The part of the relocation package they did not use for moving was used to pay down some of the debts. They moved at the beginning of the year. Her husband’s income increase about $5,000 per year and she had the option to work part-time at with her previous employer. Jane has canceled many of her credit cards and has paid off her family’s consumer debt. Additionally, her husband has become much more involved with financial decisions. Jane’s family is now living in a new home, with a new hope for financial dependence.