Two Tips for Staying Debt Free During the Holidays
How much money do you plan to spend during the holidays this year? The average American family spends quite a bit. According to Bank of America, the average family spent $1,143 for purchases during the 2017 holiday season. That is a lot of generosity ‐ and although it is a good quality, some families fall into debt when being generous.
The good news is you can celebrate the holiday season while spending time with loved ones and cherishing memories without going into debt. Here is how.
Create a Holiday Budget
The first step to ensuring a debt-free holiday season is to create a budget so you can prioritize your money and time so you get the most out of each. Set a firm number, based on the money you have, and set that money aside for holiday spending. Do not reach for more funds when you run out. Have a mentality of when it is gone, it is gone!
It may help to further break your budget down per individual. For example, if you have three children to buy for, write out on a piece of paper or in a spreadsheet how much money you want to allot out of your entire holiday budget per child.
Shop for Deals Early On
Don't wait until the last minute to buy gifts. Start shopping early. Although there are significant savings associated with Black Friday sales, many retailers offer huge savings beforehand – you just have to keep your eyes open!
If you like a particular brand or store, sign up for their newsletter so you can receive notifications for savings. If you don't like being subscribed to loads of newsletters, you can use a service like Unroll.me to unsubscribe after you finish holiday shopping!
Also get in the habit of looking for promo codes for sites you show at with apps like RetailMeNot or Honey to save more money. Sometimes you can even find in-store coupons on these types of sites.
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