Avoid Christmas Debt
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 you're buying gifts for multiple people in your family, then consider drawing names and buying one gift for just one person (instead of everybody).
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, 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
Do you have a skill for making things? Then consider making your gifts instead of spending money to buy them!
I'm lucky that my wife has a talent for making hair bows, jewelry, and Christmas ornaments. Many times she has used her skill to make gifts and save us money.
Have a No-Gift Christmas
Is it really necessary to buy gifts for your family members and friends? Is there really anything they need or want in the first place?
Consider putting a moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
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.
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.
Leave Credit Cards at Home
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 you're buying gifts for multiple people in your family, then consider drawing names and buying one gift for just one person (instead of everybody).
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, 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
Do you have a skill for making things? Then consider making your gifts instead of spending money to buy them!
I'm lucky that my wife has a talent for making hair bows, jewelry, and Christmas ornaments. Many times she has used her skill to make gifts and save us money.
Have a No-Gift Christmas
Is it really necessary to buy gifts for your family members and friends? Is there really anything they need or want in the first place?
Consider putting a moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
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.
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.
Leave Credit Cards at Home
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.
About the Author:
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posted by Credit Counseling at
1:44 PM
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