Avoid Christmas Debt
More people go into debt during the Christmas season than any other time during the year. With that in mind, let me offer a few strategies for having a good Christmas, minus the debt.
Swap Names
If you're buying gifts for multiple people in your family, then consider drawing names and buying one gift for just one person (instead of everybody).
Example: If there are four people in your family, then each family member would purchase only one gift. That would be four gifts purchased by the whole family.
On the other hand, if each family member bought a gift for the other three, then the family would have purchased 12 gifts total. So by trading names, you can reduce your spending by 200%.
Make Your Gifts
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
My wife is good at making jewelry, ornaments, and hair bows. She's used her skill to save money during the holidays.
Go "Gift Free"
There is so much abundance and wealth in the U.S., we hardly "need" anything. So is it really necessary to go nuts and spend a small fortune on gifts?
Consider putting a hold on gift-giving for a year. Instead, focus on spending quality time with those you love.
Write a List
If you decide to give gifts, use a list to guide you. Write down all the gifts you plan to buy in advance, as well as how much you intend to spend.
Window shopping is a friend of debt. But if you have a clear purpose and budget, you'll walk away with your finances intact.
Avoid Credit Cards
Only use cash or a debit card when you buy gifts. Do not use credit cards. Since you're spending more money than usual in a short period of time, it's too easy to overspend.
What's more, by leaving your credit cards at home, you won't get any unpleasant surprises when the December bill shows up in your mailbox in January.
Swap Names
If you're buying gifts for multiple people in your family, then consider drawing names and buying one gift for just one person (instead of everybody).
Example: If there are four people in your family, then each family member would purchase only one gift. That would be four gifts purchased by the whole family.
On the other hand, if each family member bought a gift for the other three, then the family would have purchased 12 gifts total. So by trading names, you can reduce your spending by 200%.
Make Your Gifts
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
My wife is good at making jewelry, ornaments, and hair bows. She's used her skill to save money during the holidays.
Go "Gift Free"
There is so much abundance and wealth in the U.S., we hardly "need" anything. So is it really necessary to go nuts and spend a small fortune on gifts?
Consider putting a hold on gift-giving for a year. Instead, focus on spending quality time with those you love.
Write a List
If you decide to give gifts, use a list to guide you. Write down all the gifts you plan to buy in advance, as well as how much you intend to spend.
Window shopping is a friend of debt. But if you have a clear purpose and budget, you'll walk away with your finances intact.
Avoid Credit Cards
Only use cash or a debit card when you buy gifts. Do not use credit cards. Since you're spending more money than usual in a short period of time, it's too easy to overspend.
What's more, by leaving your credit cards at home, you won't get any unpleasant surprises when the December bill shows up in your mailbox in January.
About the Author:
Did you know people are paying off debt at a faster rate than ever before? It's a fact. Discover how you can pay off your debt fast when you request my free debt reduction strategies PDF report. It's currently available for instant download.
posted by Credit Counseling at
1:25 PM
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