KJH Financial Services selected for 2016 Newton Small Business Excellence Award

small-business-awardNewton, MA – November 14, 2016 — KJH Financial Services has been selected for the 2016 Newton Small Business Excellence Award in the Financial Advising classification by the Newton Small Business Excellence Award Program. Various sources of information were gathered and analyzed to choose the winners in each category. The 2016 Newton Small Business Excellence Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the Newton Small Business Excellence Award Program and data provided by third parties. About the Newton Small Business Excellence Awards Program The Newton Small Business Excellence Awards recognizes outstanding small businesses that serve the Newton area. Each year, our selection committee identifies businesses that we believe have achieved outstanding marketing success in their local community and business classification. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value. These are small businesses that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Newton area a vibrant and vital place to live. The Newton Small Business Excellence Awards was established to reward the best of small businesses in Newton. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to award the small business community’s contributions to the U.S. economy. SOURCE: Newton Small Business Excellence Award Program

Staying Out Of Debt This Holiday

Happy HolidaysAre you ready for the holiday rush and buying spree? Traditionally, the holidays bring us a time of sharing and giving. But the cost of giving has increased over the years and you need to be aware of the burden it could put on your financial situation. With the change in most individual’s financial situation over the past year, this is a good time to reevaluate your holiday gift giving.

Most families spend around $500 on holiday gifts. If you put all those gifts on your credit card, the end result may surprise you. Do you have any idea how long you will be paying off those holiday gifts if you can only make the minimum payment each month? Let’s do some math:

$500 of holiday gifts: Let’s say you charge $500 on your credit card and only make the minimum monthly payment of $20. Some credit cards now are around the 19.99% interest rate for long period payoffs, you will be paying on those holiday gifts for 3 years! And to top it off, you will be paying the credit card company an additional $153 in interest (see Bank Rate website – www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx ).

What if your gifts top the $1000 mark: Now you have an after-the-holidays credit card bill starting at $1000, with the same $20 of minimum monthly payment and 19.99% interest rate. Are you sitting down? It will take you 9 years to pay off those gifts you purchased! The credit card company will be happy because you will pay them $1,167 in interest. Yes, that is correct you will be giving $1000 worth of holiday gifts to your friends and family, plus over time more than a $1000 gift to your credit card company.

Not to be a Scrooge, but there is a downside to credit card use if you can not pay it off in a month or two. Another option is the cash envelope and gift list method. Make a list of people you will be buying for, a dollar amount for each person and some great gift ideas you know they will love. Now hit the mall with list and cash envelope in hand. Your goal is not to purchase more than you have in your envelope.

A last tip to remember: the holidays are not always about the purchased gifts. Think back on all the unwanted, unneeded or forgotten gifts you have received over the years. If you were able to have something different from the giver, what would it have been?  What were the best holiday gifts you have received? Was it the homemade cookies, the framed children’s art work or just being able to spend time with your family and friends? The holidays are truly about sharing and giving; think about using your heart and mind instead of your credit card. Have a Happy and Financially Safe holiday!