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.
Swap 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.
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
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
My wife is good at making jewelry, ornaments, and hair bows. She's used her skill to save money during the holidays.
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 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.
Avoid Credit Cards
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. - 15224
Swap 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.
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
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
My wife is good at making jewelry, ornaments, and hair bows. She's used her skill to save money during the holidays.
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 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.
Avoid Credit Cards
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. - 15224
About the Author:
Did you know Americans are paying off debt faster than ever before? It's true. Learn how you can pay off your debt fast when you request my free debt reduction strategies report. It's currently available for immediate download.
