Suze Orman: Make This One Decision Now To Be Financially Secure in 2024
Written by
Gabrielle Olya
Edited by
Gary Dudak
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We’re now at the time of year when we’re beginning to think about the year ahead, and perhaps are starting to set financial goals for ourselves. Whatever your goals may be, the actions you take now can affect your financial standing going into 2024, so it’s important to make wise decisions that can set you up for success in the coming year.
According to Suze Orman, there is one decision you need to make right now to be financially secure next year.
“Right now is when you can talk yourself into not overspending on holiday gifts and travel,” Orman wrote on her blog. “Hatch a plan and make a solemn vow to yourself about how you will right-size your spending today, and you will be better able to avoid emotional and rash overspending when the holidays draw near.”
Orman offered the following tips to avoid overspending during the holidays.
Don’t Put More on Your Credit Card Than You Can Pay Off in Full
It’s tempting to spend more than you actually can afford during the holidays. It’s a time when you want to spoil the ones you love — but Orman warns against spending too much.
“I have zero patience for anyone who thinks love permits them to spend money on travel and gifts that will end up on a credit card charging 20%+ interest,” she wrote in the blog post. “Gifts are a want, not a need. If you can’t afford to pay off a credit card in full, then that is money that shouldn’t be spent.”
If you are planning to travel during the holiday season, this will likely be a big expense, so you will need to look for ways to do so without going into debt.
“Is there some gig work you can do between now and then that will cover the travel costs? Or search for spending cuts you can make right now that will free up enough money to cover the cost,” Orman wrote.
Don’t Feel Obligated To Buy Gifts for Everyone
Orman said that we place too much importance on gifts during the holidays. It’s OK to say no to buying a gift for every single person on your list this year.
“The gifts you buy are not why you are loved,” Orman wrote on her blog. “I know deep down you know that, but you get caught up in other emotions that make you feel as if you are denying loved ones if you don’t give them a gift you purchase.”
She added, “You say ‘yes’ to overspending from a fear of not letting down the people you love most. But do you really think they will be disappointed and judge you in a negative way if you don’t spend money on gifts?”
Get Creative With the Gifts You Give
If giving gifts is important to you, remember that you don’t necessarily have to give a gift that’s bought in a store.
“There are so many gifts that don’t cost a lot of money,” Orman wrote in her blog post. “Watching the kids. Committing to a weekly phone-free walk, or gabfest with friends. Baking something delicious. Or get your craft on. There are so many small projects you can dive into now to create a thoughtful gift that is budget-friendly.”
Be Generous To Yourself
While the holidays are a time when we are generous toward others, it’s important to be generous to yourself as well. This means prioritizing your own financial well-being.
“For a gift to be truly generous, it must be as generous to the giver as the recipient,” Orman wrote. “As the holiday season draws closer and the marketing frenzy for spending kicks into overdrive, I want you to keep this in mind when you are tempted to spend money you can’t really afford to spend.”
Before making any purchase, Orman said to stop and think about it first: “Ask yourself, ‘Is this generous to me? Or will it hurt me financially?'”
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