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How to Stay out of Debt this Holiday Season

Stay on track this year when you use these tips to stay out of debt this holiday season.

Stay out of debt during the holidays

Christmas can get expensive very quickly. One minute you have all this cash to spend on the holiday season, and then Black Friday hits and you’ve blown your entire budget.

It’s easy to justify spending a little extra on your loved ones during the holiday season. However, that’s not a reason to go into debt this holiday season! Here are ten ways to stay out of debt this Christmas and still buy gifts for everyone on your list.


How to Stay out of Debt this Christmas


Set a budget 

If you are the kind of person who goes wild with gifts, a budget will help you restrain yourself. Set a budget for different categories, such as gifts, decorations, and even activities.


Be realistic about your budget categories

Look at your different budget categories and be realistic about what you can afford and what you’re capable of spending. You likely won’t be able to make $5 per person work for a Christmas budget, so don’t set yourself up for failure now.


Limit your gift list

Evaluate your list and ask yourself who needs a gift this holiday season. Instead of getting gifts for everyone, you can always opt for experiences or spending time together instead.

Niagara Falls Christmas Ornament | MoneywiseMoms

Start saving money for Christmas early

The earlier you start saving, the less panic you will have later on. This will also allow you to start your holiday shopping early.


Sell items from around your home to increase your Christmas fund

If you are finding yourself in a tight spot with your budget, start selling items from around your home to help increase your Christmas budget! With the influx of new gifts, now is the perfect time to sell things you don’t need.


Only buy what’s on your list on Black Friday

Black Friday deals will seem a little too good to be true. Focus on getting only the items on your list, and if it’s not on sale, don’t buy it!


Avoid opening store credit cards while you’re shopping

Stores will prey on the people there buying gifts left and right. While it might be tempting to take advantage of a store card to save some cash, don’t do it! Skip the store credit cards and if you want one later, go back after the holiday season and open the card.


Avoid using credit cards to purchase gifts

If you want to make sure you stick to your gift budget this year, put a ban on using your credit cards to buy gifts. This will ensure you can’t go over budget, and you can use the leftover money to help other areas too!

Christmas trees at shopping mall

Start shopping early

Start shopping as early as you can to avoid paying last-minute fees for shipping and to ensure you are getting the best deals for everything on your list.


Don’t dismiss The Dollar Tree

The Dollar Tree might not sound like the most magical place to do your Christmas shopping, but you can find a lot of the items you’re looking for here. Wrapping paper, tape, bows, and even gift basket stuffers can all be purchased for only $1 here!


You don’t have to avoid buying gifts for people to be able to afford a debt-free Christmas. Debt doesn’t have to be a part of the holiday season, and these tips will ensure that it doesn’t.


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