How to Have a Debt-Free Christmas
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 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.
Here's an example. Let's say there are four people in your family. Each family member would purchase only one gift, which means only four gifts would be purchased in total.
If each person bought a gift for all three individuals, that would be 12 gifts total. So by doing a name swap, you can cut your gift giving (and spending) by 200%.
Make Your Gifts by Hand
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.
Have a No-Gift Christmas
There is so much abundance and wealth in the U.S., we hardly "need" anything. So is it really necessary to go nuts and spend a small fortune on gifts?
Consider spending one Christmas without buying or giving gifts. Spend quality time with your family and friends instead.
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.
Just "shopping around" is a recipe for disaster. You will likely buy things on impulse and spend more than you planned. But if you create a plan and follow it, your bank account will thank you.
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.
And by avoiding credit, you won't get any nasty surprises in January when the credit card bill shows up.
Trade Names
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.
Here's an example. Let's say there are four people in your family. Each family member would purchase only one gift, which means only four gifts would be purchased in total.
If each person bought a gift for all three individuals, that would be 12 gifts total. So by doing a name swap, you can cut your gift giving (and spending) by 200%.
Make Your Gifts by Hand
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.
Have a No-Gift Christmas
There is so much abundance and wealth in the U.S., we hardly "need" anything. So is it really necessary to go nuts and spend a small fortune on gifts?
Consider spending one Christmas without buying or giving gifts. Spend quality time with your family and friends instead.
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.
Just "shopping around" is a recipe for disaster. You will likely buy things on impulse and spend more than you planned. But if you create a plan and follow it, your bank account will thank you.
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.
And by avoiding credit, you won't get any nasty surprises in January when the credit card bill shows up.
About the Author:
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posted by Credit Counseling at
1:42 PM
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