Each year thousands of families rack up on average $986.00 in credit card debt during the holidays. Outrageous! A little planning and being deliberate with your money will get you ahead of the game this year.
Last year I stuck to my guns and used this system and we ended the year without any credit card debt. The tip is to get started right away.
6 Ways to Avoid Holiday Debt
- Know WHO Your Buying for. Santa has a list and checks it twice, right?! So why don't we? Start a list of who you plan to buy gifts for this year. Your immediate family, neighbors, teachers and co-workers should ALL be on this list!
- Have a Wish List for your kids. My kids are infamous for seeing things in the store or on t.v. and wanting them. We have a wish list where we add things each of the kids want throughout the year. This helps me to know what they are excited about as I do my shopping allowing me to plan a budget.
- Budget! A budget comes in all shapes and sizes. You may have a $100 budget for everyone on your list or a $1000 budget. The point is to know how much you are willing to spend for each person, and stick to it.
- Shop Smart. I feel on top of the world when I find a good deal! Look for sales, coupons, and if your an online shopper like I am, look into online shopping clubs. Learn more about my favorite one HERE.
- Pay with CA$H. If you don't have the cash for an item don't buy it! Use an envelope system and start saving for the holidays. A fun idea is to put every $10.00 bill that comes into your hands into your "Holiday Cash" envelope. It adds up fast and gives a cushion for holiday gifts and traveling.
- I saved the best for last! Add to your income. The beauty of not having to worry about holiday expenses has been HUGE for us! As a mom of 4 kids holidays are expensive! Having an additional steam of holiday income has blessed us and enabled us to provide for our kiddos. Click HERE to learn how I've added to our families income for holiday expenses without leaving my home.