One of the hardest times of year to keep from going in debt is Christmas. Here are a few tips for having a memorable Christmas without 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).
Example: If there are four people in your family, then each family member would purchase only one gift. That would be four gifts purchased by the whole family.
If, on the other hand, each person bought gifts for the other three family members, 12 gifts would be purchased. (4 family members x 3 gifts apiece = 12 gifts) So by drawing names, it's possible to reduce your gift-spending by 200%.
Make Your Gifts Yourself
Do you have a talent for crafts? Make your gifts 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.
Don't Give Gifts
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 moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Write a List
If you decide to buy gifts, then don't set foot in a retail store without knowing exactly what you're getting -- and exactly how much you plan to spend.
Window shopping is a friend of debt. But if you have a clear purpose and budget, you'll walk away with your finances intact.
Don't Use Credit
Only use cash or a debit card when you buy gifts. Do not use credit cards. Since you're spending more money than usual in a short period of time, it's too easy to overspend.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance.
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).
Example: If there are four people in your family, then each family member would purchase only one gift. That would be four gifts purchased by the whole family.
If, on the other hand, each person bought gifts for the other three family members, 12 gifts would be purchased. (4 family members x 3 gifts apiece = 12 gifts) So by drawing names, it's possible to reduce your gift-spending by 200%.
Make Your Gifts Yourself
Do you have a talent for crafts? Make your gifts 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.
Don't Give Gifts
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 moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Write a List
If you decide to buy gifts, then don't set foot in a retail store without knowing exactly what you're getting -- and exactly how much you plan to spend.
Window shopping is a friend of debt. But if you have a clear purpose and budget, you'll walk away with your finances intact.
Don't Use Credit
Only use cash or a debit card when you buy gifts. Do not use credit cards. Since you're spending more money than usual in a short period of time, it's too easy to overspend.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance.
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