Getting Through Christmas Without Debt: This Is How You Can Do It

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Wondering how you're going to get through Christmas without debt? Here's how it's done.

Christmas is the time of year almost everyone loves. However, many people spend a lot more money than they planned for gifts to give to other people — simply because they get caught up in the Christmas spirit and want to give as much as possible. Unsurprisingly during this time, they rack up a lot of credit card debt that makes it difficult to pay off over the long term. The good news is that there are ways in which you can plan around this.

While the best solution is still using cash as a mode of payment to help you stay on budget, another option is to moderately use a low interest credit card to pay for you purchases.

Here are a couple of other tips for people who need help controlling their Christmas shopping.

Have a Budget

Planning out your Christmas spending is one of the most important things that you can do in order to prevent overspending. There are many different reasons why this is so important. Many studies show that people who plan ahead spend much less than people who do not. Planning ahead can mean the difference in not spending too much this year. A lot of people will plan out the amount of money that they want to spend on a person before they even go shopping. Each person will have their own budget that rolls up to the main spending budget. Whichever way you plan it out, having a budget can make a huge difference in your holiday shopping patterns.

Think About January

A lot of people get caught up in the Christmas spirit and want to spend as much money as possible. However when January comes around, they regret all of the spending they did the previous month. Always keep January in mind when you are doing your holiday shopping. This can serve as a great motivator for you to not spend too much on your Christmas shopping. Over the long term, this can make a huge difference in the amount of money that you spend while Christmas shopping.

Software Tools

There are a lot of free tools that can be used in order to calculate how much money you will need to spend on Christmas. You can have alerts sent to you if you do end up spending too much money in a short period of time. This can be a great way to keep yourself in check when you are trying to stay on budget with your Christmas shopping. Always make sure that you use all of the tools that are at your disposal in order to make a correct financial plan for the Christmas season.

 

*This post is written and brought to you by Isabella Ramos*

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6 thoughts on “Getting Through Christmas Without Debt: This Is How You Can Do It

  1. Emily @ JohnJaneDoe

    Budgeting is key, but don’t just budget for presents. Budget for other holiday costs, too, like food, decor, travel, etc. (That was the mistake I made and I blogged about this week.) It’s so easy to think you’re on track with your budget because you are controlling present cost, only to find yourself picking up extra holiday treats, eating out while you’re running errands, etc.
    I think it also can help if after the holidays you look at what you spent and start earmarking funds for the holidays much earlier than the start of December.

    Reply
  2. Vickie @Vickie's Kitchen and Garden

    Such good tips. Sometimes if you have started early in November you have to worry about December’s bills if your not careful! I think one thing I’ve learned over the years is when I’m done early to stop buying. No more little things. They are going to be very happy with what they receive I’m sure! Have a great day!

    Reply
  3. Kathy

    Each January we decide how much we want to spend for Christmas and put 1/12 that amount in a reserve savings account. (Not a Christmas club account). Then in Nov./Dec. when we start shopping, the money is sitting there waiting for credit card bills to arrive. Yes, we use credit cards because we do ALOT of online shopping. But the cards are paid in full when they arrive. All it takes is discipline to make the deposit and not raid the account for something else.

    Reply
  4. Mel

    Keeping January in mind is a good idea – it’s so easy to lose sight of the immediate consequences of spending too much, especially during the holidays for some reason.

    Reply
  5. Pingback: Frugal Christmas Gifts, Money Saving Tips & More #ThriftyThursday - Because... I'm Cheap

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