To all my faithful readers, I wish you a blessed and happy Christmas Day! Just for today, try to put aside all the concerns and challenges that you may be facing with your finances, and focus on enjoying the food and fellowship of this wonderful season among family and friends.

If you’re celebrating with your relatives and close companions, consider yourself fortunate. There are many persons whose loved ones are no longer part of their lives, whether through death or separation, who find this time of year particularly depressing and lonely.

There are news reports of disasters – famine, disease, mass murders and kidnappings – that persons all over the world are experiencing at this time. They should help you to put your own problems into perspective when you consider the immense suffering that’s taking place elsewhere.

So eat, drink and be merry! Spend the day making cherished Christmas memories that will last for a lifetime. However, when the holiday frivolity has subsided, your thoughts may return to reflecting on the less pleasant money issues that have been pervasive throughout the year.

Financial flashback for ’14

For many people in Jamaica, 2014 has been a difficult year financially. Employees and entrepreneurs alike were affected by business fallouts; some persons were laid off from their jobs while others had to close their businesses. Confidence in the performance of the Jamaican economy has been falling.

On the personal side of the financial picture, persons have found it difficult to maintain their standard of living, thanks to rising prices. Many people have been buckling under the crippling weight of debt, and others have placed less emphasis on saving as their earnings are barely enough to make ends meet.

Despite these adverse circumstances, there are still things we can give thanks for financially. More persons are finding niche markets by using their talents in technology and the creative industries, and new initiatives have been established to foster business growth and increase access to financing.

Financial pressures have actually forced many persons to pay closer attention to their spending, and some have prepared detailed budgets to allocate their money responsibly. I have also noted that more people are getting creative in looking for ways to generate extra income to fill their budget shortfalls.

Flee from the failures of ’14

If 2014 was a difficult year for you, you might be concerned about the financial uncertainty of the future and enter into the New Year feeling fearful and disheartened. However, there are some steps you can take, even before this year is over, to try to make 2015 a more prosperous period for you.

Your first resolution for the New Year should be to do whatever is required to ensure that you don’t repeat the mistakes of the past. Spend the next few days reflecting on the choices you made and the actions you took, which may have led to the money challenges you faced this year.

So, if you knew that your income was insufficient to pay for all your bills, but you decided to finance your purchases with your credit card and payroll loans, then you must stop this practice. As you would have discovered, this only helped to increase your debt and make your budget even tighter.

You have to radically eliminate expenses from your budget, even temporarily, so that you can reduce your shortfall. Leave your credit card at home and use only cash to make payments. If you still have a deficit in your earnings, then you need to find some way to create extra sources of income.

Find financial freedom in ’15

Your next resolution should be to learn and apply all the strategies that will help to make each day more financially fulfilling and secure. You must pledge to do whatever it takes to create a new route to success that will allow you to find the financial freedom that has previously eluded you.

From now until December 31, take a few minutes every day to think about what you want to achieve and be honest about the gaps that might be preventing you from accomplishing your goals. You have to be willing to work very hard in 2015, if you really want to make it different from the past years.

For example, if you have been struggling in your efforts to run your own business, then you need to go back to the drawing board to determine how to operate a successful enterprise. Educate yourself about business subjects such as accounting, marketing, sales, and human relations.

Examine your product or service and your processes to see how they can be improved to be more relevant in today’s marketplace. Immerse yourself in books, magazines and websites that showcase profitable enterprises. Work on your business skills every day to become a better entrepreneur.

So while you take a break from work to enjoy the holiday, remember that after the fun has subsided, your future is waiting. If you are determined to put in the effort and time required to make the New Year much more successful than 2014, then you should receive your just rewards!

Cherryl is a money coach, business mentor and founder of Financially S.M.A.R.T. Services. Her upcoming book, “The 3 Ms of Money” will reveal all the secrets she learned about financial success. Read more on money and business matters at financiallysmartadvice.com and entrepreneursinjamaica.com. Email comments to cherryl@financiallysmartonline.com.