Surviving the Holiday Season Debt-Free
With the holiday season just around the corner, you may be ready to get a jump on your holiday shopping. Unfortunately, for many, holiday shopping easily gets out of control. When you are in the giving spirit, you may find yourself racking up debt rather quickly. When this happens, you are then left to deal with eliminating that debt and often paying interest. So why not tackle this holiday season shopping without the added debt? Check out a few tips below to help you stay on the path toward a debt-free holiday season.
Start With a Budget
Just because it is the holidays doesn’t mean it should be a spending free-for-all. To avoid spending outside of your means, consider setting a budget for the year that is affordable. If you see items that put you over your budget, you might want to consider another gift option.
Create a Plan
Shopping without a plan is one of the quickest ways to exceed the budget. You may find some sales or fun impulse purchase items that you really don’t need. And while the purchase may seem small at first, it adds up over time. Make a list of everyone that you plan to buy for and what you want to give to them. Having a plan will also allow you to shop sales when they come up.
Consider Outside of the Box Gifts
When it comes to gifting, it is sometimes beneficial to think outside of the box. If you have a lot of family, friends, and coworkers to buy for, consider participating in a gift exchange instead of everyone buying presents for each person. Secret Santa exchanges are also fun with a dollar limit put on the gift so that no one has to overspend. You may also want to consider items outside of normal traditional gifts such as subscriptions or gift cards that may be used for a whole family.
While the tips above may help you to get your holiday shopping done without digging yourself into deeper debt if you do end up having to put some gifts on your credit card, be sure to pay it off as soon as possible to avoid costly interest charges.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
Sources
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