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.
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
Do you have a skill for making things? Then consider making your gifts instead of spending money to buy them!
My wife is good at making jewelry, ornaments, and hair bows. She's used her skill to save money during the holidays.
Have a No-Gift Christmas
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.
Create a Gift 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.
Don't Use Credit
Keep cash and your debit card handy for purchasing gifts. This will keep you from spending money you don't have. Avoid credit cards altogether. With credit limits in the tens of thousands of dollars, it is far too easy to overspend without realizing it.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance. - 15359
Swap Names
If you have two or more people in your family, consider swapping names and buying gifts for just one person.
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
Do you have a skill for making things? Then consider making your gifts instead of spending money to buy them!
My wife is good at making jewelry, ornaments, and hair bows. She's used her skill to save money during the holidays.
Have a No-Gift Christmas
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.
Create a Gift 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.
Don't Use Credit
Keep cash and your debit card handy for purchasing gifts. This will keep you from spending money you don't have. Avoid credit cards altogether. With credit limits in the tens of thousands of dollars, it is far too easy to overspend without realizing it.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance. - 15359
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