Collectively last year in the months of November and December consumers created an estimated $12.8 billion in new debt, according to cardtrak. A similar 2007 survey discovered that 1/3 of consumers are still paying off debt from the 2006 holiday season!
Now I know that you want to tell those whom you love, that you feel the emotion in a special way but there are other ways to do that outside of going into debt. Here are 5 tips:
- Set a budget – Set a budget on what you are going to spend per person on your list and then stick to it
- Pay cash – The best way to stay out of debt is only spending the money that you have. I know that it is hard because a couple of years back when I was so broke that I could not afford to pay attention I had a whole $100 that I got to spend. I had to be creative, swallow some pride but at least when the holidays were over Christmas was paid for.
- Buy quality – Many times we still have that child’s mentality that thinks more is better. Buy one quality gift (or 2,3 etc) that is both meaningful and that will last.
- Buy for family – Purchase gifts for those who are family or those who you consider family. Just because you work with them or because they gave you a gift does not mean that you have to give them one back.
- Settle your emotions – The Christmas season is a very emotional time, full of laughter, love, family and friends, which often translates into overspending. Calm down and think rational. If you did not think about them when you were initially making your budget for shopping do not graft them into it now.
December 17th through the 23rd is the busiest shopping period of the year so as you enter this time handle your money wisely; your emotions and family will thank you the day after Christmas.
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