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.
Do a Name Swap
If there are three or more people in your family, consider picking names. Have each person draw one name and buy just one gift for that person.
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.
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 by Hand
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.
Go "Gift Free"
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 spending one Christmas without buying or giving gifts. Spend quality time with your family and friends instead.
Use a List
If you decide to give gifts, use a list to guide you. Write down all the gifts you plan to buy in advance, as well as how much you intend 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.
Don't Use Credit
Keep cash and your debit card handy for purchasing gifts. This will keep you from spending money you don't have. Avoid credit cards altogether. With credit limits in the tens of thousands of dollars, it is far too easy to overspend without realizing it.
And by avoiding credit, you won't get any nasty surprises in January when the credit card bill shows up.
Do a Name Swap
If there are three or more people in your family, consider picking names. Have each person draw one name and buy just one gift for that person.
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.
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 by Hand
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.
Go "Gift Free"
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 spending one Christmas without buying or giving gifts. Spend quality time with your family and friends instead.
Use a List
If you decide to give gifts, use a list to guide you. Write down all the gifts you plan to buy in advance, as well as how much you intend 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.
Don't Use Credit
Keep cash and your debit card handy for purchasing gifts. This will keep you from spending money you don't have. Avoid credit cards altogether. With credit limits in the tens of thousands of dollars, it is far too easy to overspend without realizing it.
And by avoiding credit, you won't get any nasty surprises in January when the credit card bill shows up.
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