My researcher scoured the internet to come up with various ideas on how to avoid getting into holiday debt, specifically gift- giving debt.
Some of the better ideas:
1) Pay your bills and any “coming” bills first. Yes, pay (or put aside funds) for rent, credit card payments, utilities, telephone, car loans) BEFORE you calculate how much you have available to spend on gifts this year. Try to minimize credit card usage.
2) Stick to a list. Make that list before you shop and check it twice. Avoid impulse purchases, whether you shop online or in store. Yes, those little ‘extras’ at the cash register add up.
3) Budget! Budget! Set an amount you can afford and then divide that amount among the gifts you plan to purchase. Look for discounts and try not to exceed the budget on any one item. When you reach a limit….STOP! Try to minimize credit card usage. For smaller items use cash.
4) Take a part-time job at a store where you get a good employee discount and try to do all your shopping in that store. The savings can mount up and you will have extra money from the job.
5) Try discussing with family members about reducing the number of gifts, for example..”how about one ‘family’ gift this year that everyone can enjoy.”
6) If you are handy or ‘crafty’ or love to cook – make something homemade to give as a gift.
And…for next year…my personal favorite. Try to pick up gifts throughout the year, thus spreading the expense of holiday season through the year. It is exciting to find a special ‘treasure’ for someone and then have it ready for the holidays.
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