Laltsha Cunningham of Gesher Human Services Shares Holiday Financial Tips
(Crystal A. Proxmire, Dec. 12, 2024)
Oakland County, MI- With a birthday close to Christmas, Laltsha Cunningham knows how easy it can be to over-spend. But after overcoming her own youthful debt, she’s now helping others take control of their finances and plan for the future. Cunningham has worked in finance and lending for 27 years, and now is the Financial Education Manager for Gesher Human Services, a nonprofit that offers career development, behavioral health, and residential services to “strengthen our community by strengthening the individual.”
Last week Cunningham held an online class through Gesher to share financial tips for the holidays.
“I’m passionate about making sure families learn this, not just for the holidays, but for life,” she said.
Cunningham shared that at one point she realized, “the more debt I went to in this season, the more I had to pay off the next year.”
It was easy to spend too much. “We’re buying gifts. We’re decorating. And of course there’s the food involved. And there can be travel,” she said.
“We feel like the bigger the gift, the more we love someone, but that’s not necessarily true,” she said. “The number one thing in mind is we should be meeting out needs first.” Going into debt may make for a fun visit, but the debt can make things harder down the road.
Cunningham recommends that people think about their priorities and create a budget, adding that regular budgeting throughout the year is also important.
Being mindful of spending is the best way to control it. “We need to think about tracking our spending, so that we’re not in a place where we do a lot of spending on the weekend and we check that bank balance on Monday and wonder where did all that money go?”
She recommended that if people struggle with tracking spending, they can use cash and only have their budget with them, or they might benefit from buying a VISA Gift Card and putting the money on that so they can’t overspend.
SAVING MONEY WHILE SHOPPING
Cunningham talked about resisting impulse buying. Instead of rushing to buy an item, even if it is on sale, she recommended taking the time to price compare. Looking online can help people find the best price, without driving to multiple stores to do it.
Another way to find a deal is to shop for older models of products. Often when a new phone or a new game comes out, it has the highest price, but last year’s model could fill the same needs for less.
GET CREATIVE
The holidays can be merry and bright even without expensive gifts. Cunningham recommended making handmade gifts, or offering up services instead of presents. People can also consider trading and bartering with others
It also helps to be realistic about expectations. Cunningham said she sees a lot of people who try to emulate their family’s holidays, or compare themselves to other people. “You don’t have to live up to tradition,” she said. “Create your own traditions that fit within you and your family’s budget.
UNDERSTAND CREDIT AND DEBT
One thing that Gesher Human Services sees all too often are people who went into credit card debt without realizing how quickly interest and fees can pile up. Having a budget and sticking to it can help prevent debt.
But if people do use credit cards, it’s best to pay them off within the billing cycle. “You might see something on sale and put it on your card because it’s a good price, but if you aren’t paying it off in 30 days it’s not really a sale for you anymore.”
Another trap people fall into is opening up cards at stores they don’t normally shop at. Stores might offer a percentage off purchase for applying. But people may not realize that having too many cards can hurt your credit or prevent you from getting a card that you do need down the road.
There is more financial literacy help available. Gesher Human Services often has presentations and programs to help people better thrive.
Learn more about what Gesher has to offer at https://www.geshermi.org/
