Get Through The Holidays Debt Free By RevampingYour Holiday Shopping Style
The holidays are wonderful, filled with happy memories, Christmas parties, beautiful decorations, and of course…elaborately wrapped presents tucked under the Christmas tree, adding to the anticipation of the season. Yet often, in and among the holiday wonder the threat of rapidly accumulating credit card debt and extravagant holiday spending puts a damper on the Christmas season. By revamping your holiday spending trends and choosing to set limits on your Christmas spending, you can save yourself a new year headache when the credit card bills come rolling in.
Set A Budget And Limit Your Holiday Spending For A Debt Free New Year
One thing that tends to happen in the thrill of the season, is we get caught up into gift exchanges, giving to good causes, needing new holiday party clothes, buying presents for family, children, and friends…the list is endless, and eventually spending gets out of hand. By setting a limit on your spending, and refusing to buy things for the holiday on credit, you can put your mind at ease for January’s bill cycle. This can sometimes be easier said than done. When your child is begging for the latest and greatest toy, it can be difficult to settle for a less expensive alternative. However, spending more does not make the season brighter and more enjoyable.
Make A Holiday Budget That Is Based On Your Finances, Not On The Gift Giving And Spending That Others Do
We have a tendency to want to match and keep up with others around us. When I first got out of college, finances were tight, but every Christmas and birthday my brother and I would buy each other gift cards for a certain dollar amount just to fulfill the obligation of giving a Christmas gift. At some point, the financial obligation of the gift became more worrisome than the joy of giving or receiving the gift itself. When this started to happen we decided to skip gift giving altogether and remember the season with a card or a quality holiday visit. For you, the application may look different but the principle remains. Buy according to your own budget, don’t buy in an effort to keep up with someone else’s spending.
Save Money This Holiday By Looking For Holiday Savings
Part of being a good money manager is being thrifty and sniffing around for coupons and deals. Page through holiday fliers, search the internet for coupon codes. Your savings could be a lot or a little, but every bit helps.
Get Through The Holidays Debt Free By Giving From The Heart
Quality is better than cost. A thoughtful gift that is absolutely perfect for a loved one’s situation or personal interest, is far better than an excessive expensive gift with no sentimental value. Buy based on an inside joke, or on a special memory. For example, my grandma and I shared a special appreciation for Dr. Seuss’s the Lorax, based on a fun childhood memory. For her 80th birthday, which happened to fall around Christmas time, instead of buying something extravagant or excessive, I got her a copy of that book, with a loving card. The gift was simple, inexpensive, but well thought out and well received. You don’t need to go into debt to make someone’s Christmas special!
If you’re struggling to balance the bills with the Christmas spirit, you’re not alone! But there is no time like the present to set a spending resolution that will revolutionize your new year, and help keep you out of debt, now and for years to come. For more information on how to develop healthy spending and saving habits that will help your financial situation, speak to a redhawk advisor near you.