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 there are three or more people in your family, consider picking names. Have each person draw one name and buy just one gift for that person.
Example: If there are four people in your family, then each family member would purchase only one gift. That would be four gifts purchased by the whole family.
On the other hand, if each family member bought a gift for the other three, then the family would have purchased 12 gifts total. So by trading names, you can reduce your spending by 200%.
Make Your Gifts Yourself
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
I'm fortunate that my wife is a incredibly talented. She makes jewelry, hair bows, and ornaments and gives them as gifts at Christmas time, which is a big money-saver.
Go "Gift Free"
With as much abundance in the U.S. as there is, is it really necessary to buy a bunch of gifts? Do any of use need more stuff anyway?
Consider putting a moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Create a Gift List
If you choose to buy gifts, then write a list of gifts you plan to buy before you go shopping. Know in advance how much money you have to spend.
Just "shopping around" is a recipe for disaster. You will likely buy things on impulse and spend more than you planned. But if you create a plan and follow it, your bank account will thank you.
Don't Use Credit
Only use cash or a debit card when you buy gifts. Do not use credit cards. Since you're spending more money than usual in a short period of time, it's too easy to overspend.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance. - 16463
Do a Name Swap
If there are three or more people in your family, consider picking names. Have each person draw one name and buy just one gift for that person.
Example: If there are four people in your family, then each family member would purchase only one gift. That would be four gifts purchased by the whole family.
On the other hand, if each family member bought a gift for the other three, then the family would have purchased 12 gifts total. So by trading names, you can reduce your spending by 200%.
Make Your Gifts Yourself
Are you good at making crafts? Then why not make your gifts yourself instead of buying them!
I'm fortunate that my wife is a incredibly talented. She makes jewelry, hair bows, and ornaments and gives them as gifts at Christmas time, which is a big money-saver.
Go "Gift Free"
With as much abundance in the U.S. as there is, is it really necessary to buy a bunch of gifts? Do any of use need more stuff anyway?
Consider putting a moratorium on Christmas gift-giving for one year. Focus on spending time with people you care about.
Create a Gift List
If you choose to buy gifts, then write a list of gifts you plan to buy before you go shopping. Know in advance how much money you have to spend.
Just "shopping around" is a recipe for disaster. You will likely buy things on impulse and spend more than you planned. But if you create a plan and follow it, your bank account will thank you.
Don't Use Credit
Only use cash or a debit card when you buy gifts. Do not use credit cards. Since you're spending more money than usual in a short period of time, it's too easy to overspend.
An extra benefit: You can rest easy in January knowing you won't get a credit card bill with a huge balance. - 16463
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