A Personal Finance Guide

Don’t Go Into Deeper Debt This Holiday Season

There’s no doubt about it, the Christmas holiday season is hard on the checking account. With Christmas gifts to buy, holiday foods, parties to attend, Christmas outfits, Christmas pictures, etc, Christmas is an expensive time of year. For most people property taxes are also due as well as all the other day to day expenses you still have to pay.

Instead of going into deeper debt this holiday season, trying to impress friends and relatives with your gift giving, holiday clothing and holiday foods, make a budget and figure out what you can really afford. Come clean with yourself and your spouse about what your financial situation. Gather all your bills and figure out what you really owe and then set up a Christmas budget. I’m sure this idea sounds terrible to most, debt isn’t any fun and neither are budgets.

Make this year different, instead of going into debt further buying gifts no one will remember six months after Christmas, buy only what you can afford. If this makes up feel uncomfortable, be upfront with people ahead of time, tell them you are cutting back, this way there will be no surprises. Break the cycle of going overboard with your holiday purchases. Challenge yourself to not use any credit cards this holiday season.

Make a Christmas Cash Budget. Even if you have already done some early Christmas shopping, it’s never to late to start a budget. On a sheet a paper, or a spreadsheet, list everyone you on your christmas list, then next to their name list the amount you are willing to spend on each person, and what you would like to buy for them. Whenever you buy something for someone, write down what you purchased and how much you spent on the list.

Stick to this budget no matter what! Spending an extra $5 or $10 on this person and that person will all add up. Never leave home without your Christmas shopping budget, you never know when you’ll find a good deal and it’s tough keeping track of what you have already bought for people.

If you find your extended family shopping list is too long, consider drawing names and set a dollar limit. Or another great idea is drawing names and having a “white elephant” party. This is where crazy gifts you have accumulated over the years are rewrapped and given to others. These parties are a blast!

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