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'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.
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"
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.
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.
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.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance.
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.
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"
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.
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.
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.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance.
About the Author:
Did you know people are paying off debt at a faster rate than the previous 10 years? It's a fact. Discover how you can pay off your debt fast when you request my free debt reduction report. It's currently available for instant download.
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