Last Updated on August 9, 2019
The holidays can turn into a very expensive time of year! But it doesn’t have to be that way. By following these tips, you can make sure you aren’t drowning in debt by New Years.
Set A Budget Now
Figure out who you have to buy for and set a maximum amount per gift. Stick to your budget!
Give Homemade Gifts
If you are crafty, consider making some of your holiday gifts. Handmade gifts are often seen as more thoughtful than store bought ones. For those that you receive unexpected gifts from, consider giving homebaked goods, rather than a gift.
Avoid Charging On Credit Cards
Not only will you end up paying a lot more if it’s not paid off right away, you generally will spend more as well. Only spend what you have. No one wants you to go into debt just so they can have a really nice Christmas present.
Draw Name For Gifts
Rather than buying for every person in your extended family or your group of friends or coworkers, suggest drawing names. Most people will be relieved to only have to buy one gift. For extended family, the adults can also make the decision to only buy for the children.
Start Saving Early
Many banks have Christmas Club accounts. It is a savings account that you have a certain amount deposited into each month or each payday. Then when Christmas rolls around, all of your money for gifts is waiting for you and you don’t have to put a huge dent in your monthly budget.