How to Stay Out of Debt This Christmas
October 8, 2009 by Karen Weideman
Filed under Christmas, Holiday Thrift, Seasonal Savings, budget, debt/credit, holidays
While I’m sure mentioning this topic is going to bring some eye rolls and heavy sighs, we can’t deny that Christmas will be here soon. So rather than avoiding the issue, let’s take it on and discuss some ways to plan and stay out of debt. As Dave Ramsey says, “Children do what feels good. Adults make a plan and follow it.” I propose that we make a plan to stay out of debt this Christmas.
1) Audit your spending. See if there is anything that you’re willing to cut out. I’m thinking things like lunch out with coworkers, movie rentals, coffee stops, etc. Or you could find ways to save on everyday purchases such as groceries. Decide on how much spending you can eliminate. Put that money aside into a savings account.
2) Set a budget and stick to it. Make a list of everyone you would like to shop for and decide on a dollar amount for gifts. If necessary, you might have to eliminate a few relatives and friends that you don’t talk to much. Due to the current economy, I think people are going to be more understanding this year. That’s just my thought.
3) Shop smart. Look for clearance sales, coupon codes, and other ways to spend less. Consider making homemade gifts. Shop at discounted stores such as Marshalls, Ross, and T-Maxx. There are many ways to save.
Other helpful tips:
- How to Cut Down Your Christmas Gift List
- Cutting Back on Your Christmas Expenses
- Plan for Your Holiday Budget Now!
Have you planned for Christmas?
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