With the holidays on the doorstep many approach the "season of giving" with a buy now and pay later mentality. The financial choices you make today can last a lifetime.

If you spend money like you have a bottomless bank account you'll soon find the well has run dry. You'll know when the time arrives when credit card companies begin to call asking for payment, the saving plan is gone, months end but the bills continue to grow and you begin to think of debt consolidation.

If you have not saved enough money to pay completely for any gifts this holiday season - STOP. Don't dig the financial hole deeper.Yes you may be a little embarrassed and want to hide your financial condition from friends and family but sooner or later you will face the money crisis house of cards you've built. But the hole will be much larger and require much more time and work to turn things around.

Don't lie to yourself and think your debt position will be better in 8 months. The statistics indicate that on average most of the American public spend more than they make. What makes you different? The slippery financial slope gets steeper and steeper creating more stress and troubles. Your fiscal condition will not change unless you begin to make changes to your spend decisions and lifestyle choices.There is hope! It does take planning and discipline.

The first question or item to take stock of is your current financial health? This question is not an easy one to answer. It's much more than how much money is in your bank account. It's a measurement of your financial world and how you have managed the world of money.

Leading institutions gauge the health of your financial condition by looking first at your credit report and then assigning you a credit score.This credit score is a number which shows your "current lifetime" payment and spending history. This number also tells the lender what borrowing power you have.Lenders looking at your credit report focus on 4 areas:

• Credit
• Net Worth
• Assets
• Economy

These four areas together all work together to determine in the lenders eyes your ability to make payments on time.

Do you know what your credit score is? Have you reviewed your credit report lately?Not only do you lenders have access to it but you have the right to review it also. There are several companies offering reports from all three of the major credit reporting bureaus.Begin to take action! Contact you financial adviser, bank or credit union to obtain your credit report.