Fight Holiday Debt
It's exceptionally hard to avoid taking on additional debt during the Christmas season. Maybe it's unrealistic expectations about gift-giving; or maybe it's just poor budgeting. Whatever the case, here are few tips for enjoying Christmas -- and leaving the debt behind.
Swap Names
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.
If, on the other hand, each person bought gifts for the other three family members, 12 gifts would be purchased. (4 family members x 3 gifts apiece = 12 gifts) So by drawing names, it's possible to reduce your gift-spending by 200%.
Make Your Gifts by Hand
Do you have a talent for crafts? Make your gifts 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 moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Use 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.
Shopping without a purpose quickly leads to overspending and debt. But if you have a clear "game plan," you'll survive with little damage to your pocketbook.
Don't Use Credit
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.
Swap Names
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.
If, on the other hand, each person bought gifts for the other three family members, 12 gifts would be purchased. (4 family members x 3 gifts apiece = 12 gifts) So by drawing names, it's possible to reduce your gift-spending by 200%.
Make Your Gifts by Hand
Do you have a talent for crafts? Make your gifts 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 moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Use 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.
Shopping without a purpose quickly leads to overspending and debt. But if you have a clear "game plan," you'll survive with little damage to your pocketbook.
Don't Use Credit
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 Debt Consolidation Loan at
1:48 PM
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