Fight Holiday Debt
One of the hardest times of year to keep from going in debt is Christmas. Here are a few tips for having a memorable Christmas without the debt.
Do a Name Swap
If you have two or more people in your family, consider swapping names and buying gifts for just one person.
For instance, if there were four people in a family, each person would buy just one gift: four total.
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
Do you have a skill for making things? Then consider making your gifts instead of spending money to buy them!
I'm lucky that my wife has a talent for making hair bows, jewelry, and Christmas ornaments. Many times she has used her skill to make gifts and save us money.
Go "Gift Free"
With as much abundance in the U.S. as there is, is it really necessary to buy a bunch of gifts? Do any of use need more stuff anyway?
Consider putting a moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Write a List
If you choose to buy gifts, then write a list of gifts you plan to buy before you go shopping. Know in advance how much money you have 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.
And by avoiding credit, you won't get any nasty surprises in January when the credit card bill shows up.
Do a Name Swap
If you have two or more people in your family, consider swapping names and buying gifts for just one person.
For instance, if there were four people in a family, each person would buy just one gift: four total.
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
Do you have a skill for making things? Then consider making your gifts instead of spending money to buy them!
I'm lucky that my wife has a talent for making hair bows, jewelry, and Christmas ornaments. Many times she has used her skill to make gifts and save us money.
Go "Gift Free"
With as much abundance in the U.S. as there is, is it really necessary to buy a bunch of gifts? Do any of use need more stuff anyway?
Consider putting a moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Write a List
If you choose to buy gifts, then write a list of gifts you plan to buy before you go shopping. Know in advance how much money you have 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.
And by avoiding credit, you won't get any nasty surprises in January when the credit card bill shows up.
About the Author:
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posted by Credit Counseling at
1:04 PM
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