More people go into debt during the Christmas season than any other time during the year. With that in mind, let me offer a few strategies for having a good Christmas, minus the debt.
Trade Names
If you're buying gifts for multiple people in your family, then consider drawing names and buying one gift for just one person (instead of everybody).
For instance, if there were four people in a family, each person would buy just one gift: four total.
On the other hand, if each family member bought a gift for the other three, then the family would have purchased 12 gifts total. So by trading names, you can reduce your spending by 200%.
Make Your Gifts Yourself
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
I'm fortunate that my wife is a incredibly talented. She makes jewelry, hair bows, and ornaments and gives them as gifts at Christmas time, which is a big money-saver.
Have a No-Gift Christmas
With as much abundance in the U.S. as there is, is it really necessary to buy a bunch of gifts? Do any of use need more stuff anyway?
Consider putting a hold on gift-giving for a year. Instead, focus on spending quality time with those you love.
Create a Gift List
If you choose to buy gifts, then write a list of gifts you plan to buy before you go shopping. Know in advance how much money you have to spend.
Shopping without a purpose quickly leads to overspending and debt. But if you have a clear "game plan," you'll survive with little damage to your pocketbook.
Leave Credit Cards at Home
When buying gifts, use cash or debit -- but avoid using credit. Since you're spending a lot of money in between the statement cycle, it's too easy to lose track of what you've spent.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance. - 16928
Trade Names
If you're buying gifts for multiple people in your family, then consider drawing names and buying one gift for just one person (instead of everybody).
For instance, if there were four people in a family, each person would buy just one gift: four total.
On the other hand, if each family member bought a gift for the other three, then the family would have purchased 12 gifts total. So by trading names, you can reduce your spending by 200%.
Make Your Gifts Yourself
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
I'm fortunate that my wife is a incredibly talented. She makes jewelry, hair bows, and ornaments and gives them as gifts at Christmas time, which is a big money-saver.
Have a No-Gift Christmas
With as much abundance in the U.S. as there is, is it really necessary to buy a bunch of gifts? Do any of use need more stuff anyway?
Consider putting a hold on gift-giving for a year. Instead, focus on spending quality time with those you love.
Create a Gift List
If you choose to buy gifts, then write a list of gifts you plan to buy before you go shopping. Know in advance how much money you have to spend.
Shopping without a purpose quickly leads to overspending and debt. But if you have a clear "game plan," you'll survive with little damage to your pocketbook.
Leave Credit Cards at Home
When buying gifts, use cash or debit -- but avoid using credit. Since you're spending a lot of money in between the statement cycle, it's too easy to lose track of what you've spent.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance. - 16928
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Did you know people are paying off debt at a faster rate than ever before? It's true. Discover how you can pay off your debt fast when you request my free debt reduction strategies PDF report. It's currently available for instant download.
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