Avoid Debt for the Holidays

There are many things to do during the holidays but amassing debt shouldn’t be one of them. For most people, the holidays are a time to see friends and family, bonding and creating memories. During the holiday season, most people spend a lot of money on traveling, gifts and food to feed everyone. It’s very easy to spend more money that what’s wise. Instead of getting into debt during the holidays, people should prepare early and avoid overspending.

Carrying debt from year to year is not good. It’s not a financially sound decision to make and those that choose to do it year after year have a hard time recovering financially. There are many ways to avoid going into debt during the holidays.

Tips to Avoid Debt

There are many ways to avoid debt during the holidays. Some people use the excuse that it’s a once a year indulgence to do it but that’s not true in most circumstances. Those that heavily indulge without a plan to pay off the debt spend years paying for those indulgences. Instead of excusing the debt, people should avoid creating it.

1.Budget

It sounds weird to some to create a budget for the holidays but it’s something that works well. Instead of allowing impulse spending to dominate the finances, it’s best to have a budget. When people know how much money they have to spend for the holidays, they can prioritize and spend wisely. Those that have a budget are often able to pay their bills on time and have a wonderful holiday season as well.

2.Make a Shopping List

There is a lot of shopping that happens during the holidays for many people. Those that have a lot of things to buy should take the time to make a shopping list for everything. A list will help focus everyone’s energy and attention on the things that need to be bought. A list can be made for gifts, groceries, household items, bills to be paid and many other things. If it’s not on the list, it shouldn’t be bought with money from the budget.

3.Start Early

For those that know they will have a lot to buy for the holidays, there is nothing like starting early. It seems silly to start shopping for holiday gifts in July but it’s something that will save a lot of time and money in the long run. Those that start shopping for practical gifts early will find sales and savings the holidays don’t allow.

4.Save

There are millions of people that know they will have to shop for the holidays and don’t have access to credit cards with reasonable rates. Instead of spending money that would normally be spent on bills, people should start putting money aside into a holiday account to pay for their holiday shopping.

There are many things that can be done to avoid holiday debt. By doing one or two of these things, people won’t spend the next year trying to pay off avoidable debts. Those that want to enjoy their holidays and have a healthy financial future will take the time to plan and avoid as much debt as possible.

Aug. 19 14'
You have to have your insurance and dtocor change your address in their records. I got my own insurance and live on my own. The insurance has my new address but the dtocor didnt. So I had to make sure both were changed.
Jul. 6 15'

Tebogo

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