How to save money during the holidays with debts?
It is your favorite season of the month as the holidays are drawing nearer. So, don’t make hasty decisions which can only increase your debt problems. Think and plan before making expensive purchases.
Yes, you guessed it right. It’s the overflow of your debt burden that’s pinching you at the back of your mind to splurge fully. Also, added to that is your reckless attitude towards the “saving” habit. So, do not ignore the signs which can add woes to your debt issues. Save from before and enjoy the perks of healthy savings.
Without investing in a savings plan, none of us can fully enjoy our financial wealth. The outcome of a good savings plan is that your debt burden will reduce over a period and you will have more money to spend on your loved ones.
Here are a few ways by which you can save money during the holidays.
7 Easy Ways to save money during the holidays
1. Plan a budget
Before you swipe your credit card to purchase expensive gifts or plan a trip during the holiday season, make sure that you have a steady plan in your head.
If you have set aside a budget of $300 for family expenses, figure out what is it that you intend to get them, how many stuff can you purchase for $300, and how much is it that you wish to spend on any item.
A clear budget will definitely guide you in shopping freely without thinking much about the affordability and debt problems which can arise in the future.
2. Shop during the sale period
It is definitely the obvious option that most of us want to save money during holiday season. You don’t want to be a fool spending more than what you can get at a discount, a week or month before the season.
The mantra is to be a smart shopaholic (which men are obviously bad at) and hunt for online shops and stores offering discounts on gift items.
Avoid shopping at the last minute as you may wind up purchasing wrong stuff when you’re really exhausted, stressed out, or feel particularly rushed.
3. Save beforehand
One of the most harmful mistakes shoppers make is to make blind credit card purchases. Postponing the saving mode until the holiday season arrives, can put pressure on your shoulders. Further, it can put you in credit card debt. This can only spoil your holiday mood and can put you in distress.
4. Use credit cards wisely
Smart users like to use a cash-back card where each purchase that is made on the credit card can be fully paid on a monthly basis.This can give consumers the opportunity to watch their spending and avoid the risk of careless spending behavior thus avoiding credit card debt.
Always remember that a credit card is both a blessing and a curse. As long as you get into the discipline of paying the outstanding balance each month, it can bring great rewards in return.
5. Prioritize your essentials
Different people; a different set of priorities for holidaying.
For some, it could mean a trip to meet your family. For others, it could also mean to set up decor plans for Christmas. Whatever is not required, make it a point to chalk it out while determining the holiday budget.
Everyone wants to have a perfect holiday and to strive for it you must determine your priorities.
Use the budget to purchase an item, or use it for travel or decorations.
Using the old decorative items can also help you save money during the holiday season. And if new decorations are the priority for next year, wait until the end of the season. You will get them at a much cheaper rate.
6. Keep a concise list
Do not overspend. Set aside a budget for each family member which will limit your expenditure. Also, it’s better to keep the holiday plan small and simple as you will have more time to spend together, enjoy dinner, and appreciate debt-free joys you have. This is how you can lead a debt free holiday season.
7. Make DIY gifts for your loved ones
Instead of going on a shopping spree, why not be an extra creative and make personal gifts for your family members. Homemade gifts can add a personal touch that a gift card or a store- bought item can’t. Also, it’s a nice way to exhibit your talent across to create presents.
How can you make your holiday special in spite of being in debt?
You are already in debt and if it’s a holiday season, which calls for an occasion of celebration, then you are bound to feel guilty. Plus, you don’t want to put yourself in a state of despondency.
However, you can enjoy even without spending much.
Consider making handmade items and enjoy crafting for someone special. You will be surprised to know that everyone enjoys handmade items and your options are endless.
There are so many things that you can do while staying indoors. For instance, you can bake a cake or even weave a basket to place on your dining table.
Christmas is a holy festival and it is primarily about spending quality time with your family members and not really about the gifts you give and receive. If you are working within a set budget, do not be afraid to cut back or do something out of the ordinary.
In the end, you must be satisfied with the efforts you make to celebrate the occasion. Also, be mentally strong and don’t let the debt issue disrupt your celebration mood. And, make plans to clear debts as soon as possible to enjoy a stress-free life.