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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

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8 Ways to Avoid Debt from Holiday Expenses

November 18, 2014 1:16 am

Many people are entering the largest shopping season of the year financially ill-prepared. For some, the ghosts of Christmases past are still haunting them in the form of unmanageable credit card debt. For others, finding $800, the amount the National Retail Federation estimates that consumers will spend during the holidays this year, is seemingly beyond their reach.

“For the many Americans who struggle to meet daily living expenses, the thought of the holidays approaching brings anxiety instead of joy,” said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling®. “The pressure to purchase can be overwhelming, causing even the most well-intentioned to take on additional debt.”

To help consumers avoid creating debt, the NFCC recommends:
  • Taking advantage of seasonal hiring by finding a second job doing something enjoyable, and earmark each paycheck for holiday spending. Even a 20-hour-per-week job can net hundreds of dollars by year-end. It may not sound appealing to take on a second job, but remember that debt is its own burden.
  • This is the perfect time of the year to sell unwanted items. Scour the house for things that are no longer needed or used. Sell them locally or online and reap the benefits of having rid the house of clutter while generating extra money.
  • Look for free ways to buy. Now may be the time to use any gift cards that have been saved. Check out how many reward points have been earned through credit cards. To maximize the points, evaluate making purchases through the card’s online partners. If using a cash-back card, consider redeeming the money available.
  • Cut back on expenses. This may seem like an odd suggestion during the largest spending season of the year. However, the fact is that there’s a finite amount of money available, thus when spending in some categories increases, it means that spending in others will have to decrease. Make a conscious decision where to temporarily eliminate or reduce spending to make money available for holiday purchases.
  • Consider re-gifting. Re-gifting has an undeserved bad image, but when looking at the facts, it actually makes sense. A perfectly good item that isn’t liked or used benefits no one sitting in a closet gathering dust. It could be just the gift someone else has been hoping for.
  • Instead of purchasing gifts, give the gift of self. Donate your time in another person’s name to a charity and send cards to those on your gift list letting them know of this contribution. It will likely be appreciated and remembered much longer than any store-bought present. As an added bonus, it may inspire them to do the same.
  • To free up money for other expenses, when entertaining have a potluck dinner instead of assuming the cost of the entire meal; when traveling, stay with friends or family instead of a hotel; consider buying a gift for the entire family instead of individual presents.
  • If forced to charge expenses, put all holiday spending on one credit card, and commit to repaying that debt in the first quarter of the New Year. Doing this will not only avoid paying excessive interest on the debt, but will prevent the holiday spending from being co-mingled with existing debt, and allow a more comprehensive picture of the spending.
Source: NFCC

Published with permission from RISMedia.


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Prevent Home Burglaries This Holiday

November 18, 2014 1:16 am

(BPT) – Not many people associate crime with the holidays, but unfortunately, burglary incidents increase this time of year. With a few simple safety precautions, you can protect your property, your family and your valuables now and well into the New Year.

1. Tone down décor and hide gifts – When it comes to holiday decorations, modesty is definitely the best policy. Expensive decorations on display can be a signal that there are valuables inside your home worth a criminal's time. Gifts under a tree standing near a window are a welcome invitation for thieves. Leave gifts tucked away until the last possible minute. If you must display presents, make sure they are out of sight from any windows or doorways.

2. Lock all windows and doors –Whether you are home, running errands or away on vacation, take care to close and lock all doors and windows. Remember to set alarms, too. A simple dowel placed in a sliding glass door or window can be an inexpensive way to secure vulnerable entrance points.

3. Keep your yard maintained – A well-lit and well-groomed home provides an important measure of safety. USAA, a leading provider of banking, insurance and investment services to the military community, recommends the 3 foot/6 foot rule: trim branches to 6 feet off the ground and shrubs down to 3 feet to minimize hiding places for burglars.

4. Dispose of boxes carefully – It’s best not to alert strangers to the new 70-inch flat screen in your home by leaving the box on the curb for refuse pickup. When it comes to big-ticket items and valuables, boxes on the curb are a sure sign to criminals that there’s something expensive in your home. Break down boxes and recycle them.

5. Travel smart
– Be proactive about home safety if you have holiday travel plans. Never let mail or newspapers pile up at your home, as it is an instant indicator you are not there. Have a neighbor collect mail and newspapers or have your service stopped by calling the post office and newspaper provider. If possible, have a neighbor park their car in your driveway intermittently to keep up the appearance that someone is coming and going.

Published with permission from RISMedia.


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