The holidays are fast approaching, and we hope you are anticipating a festive season with friends, family, great food, and maybe even a trip or two.
While the holidays are a time for celebration, it can also be a time of financial stress for many. We want to support you with practical tips to avoid the stress of debt not only during the holidays, but throughout the year.
5 Tips to Avoid Unnecessary Debt During the Holidays
Create a Holiday Budget.
Just like your regular monthly budget, create a Holiday Budget to determine how much you will spend on gifts, travel, food, and decorations. Track your expenses and keep your receipts so you know what to budget for next year.
Save for next year.
An easy way to avoid debt during the holidays is to have a savings club account strictly for the holidays. Start a Holiday Savings Club account today. Schedule automatic payments (like every pay day) to your Holiday Club Savings account from your checking account. Saving a little throughout the year adds up when it’s time to go holiday shopping next year.
Make a list and check it twice.
Make a list of every person you shop for (don’t forget the mailman!) and what you plan to purchase for them. Set spending limits on each person.
Shop smart.
Black Friday deals are no longer relegated to the day after Thanksgiving. Many shops are having sales right now. If you are shopping online, check your list and buy multiple gifts at the same store to save on shipping costs.
Use your debit card.
Paying with your debit card (or “cash”) helps you avoid the sky-high interest rates on credit cards and curbs the temptation to overspend.
