Discover simple strategies to avoid credit card purchases and maybe even eliminate credit card debt this holiday season.
Layaway. Like how credit cards allow you to shop before you have the money? Who doesn't! Fortunately, you can still enjoy this luxury without wracking up debt. Just shop in stores that offer layaway, and you can shop when you want to and then pay off your tab later.
To make sure your gifts are paid off by Christmas, calculate the total cost of the items that you have on layaway, and then figure out how much you'll need to save each week to cover this cost.
Shop weekly. Doing all of your shopping at once can lead to an overwhelming tab. To make the expense more manageable, budget a set amount of money each week for Christmas shopping, say $20. Then go out and use it to buy a gift or two. Do this for a few months leading up to Christmas, or shop year-round for a truly low-pressure holiday season.
Budget year-round. If you like the idea of budgeting year-round but prefer to shop all at once, consider setting up a Christmas Club account or Christmas savings account with your bank or credit union. Either of these accounts will make it easy for you to save money out of each paycheck towards your future Christmas spending.
To make saving as painless as possible, be sure to set up direct deposit into the account. Go about your business, and the money will be there when you need it.
Spend less. You may feel like you have to spend a certain amount on each person on your Christmas list, but remember that you are the one who sets the budget. Cast aside any notion of others' expectations, and set a Christmas budget that works for you. A smaller budget could completely eliminate your need for credit cards.
Go homemade. Who said Christmas presents had to come from a store? If you can't afford to buy your presents, go ahead and make your own. Homemade gifts often cost very little to make, and are a great way to showcase your talents.
One gift for all. Can't afford to buy gifts for everyone on your list? No need to pull out the credit card. Just figure out how much you can afford to spend and use this money to make a donation to your charity of choice. Then, send everyone on your list a card to let them know that a donation has been made in their honor.
Christmas spending doesn't have to mean credit card spending. Vow to do whatever it takes to keep your Christmas credit card-free.
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