Hi folks, Captain DIY here to introduce another friend of mine, Good Nelly! She has written this fabulous guest post for us to enjoy, and hopefully this will help you make it through the gift-giving season without having to pay for it come January! Take it away, Good!
First and foremost, it’s a complete DIY thing and you don’t need any professional help to stay out of debt this Christmas. However, if you’re already struggling with debt and looking for complete guidance to solve your problem, you can opt for debt consolidation or settlement as per your financial condition.
Anyway, let’s now focus on how to stay out of debt this Christmas without compromising on your enjoyment.
Here are a few tips to take up the debt-free Christmas challenge.
Plan a holiday budget
Budgeting is the key to manage personal finance. Along with it, you can make a special budget to tackle other expenses. So, you can plan a holiday budget to plan your expenses.
To do so, write down the items such as gifts, decoration, vacation, etc. and allot certain amounts against each of them. You can plan it more by allocating a definite amount for each and every gift.
Do not use plastic money for shopping
You surely won’t want to pay for your holiday expenses after the holidays are over. So, this Christmas, pay for everything with cash.
It is human psychology that when you buy with cash, you tend to spend much less since you deal with actual money instead of a virtual one.
This is one of the best ways to have a debt free Christmas.
Look for discount period
Yes, it is true that you get a huge discount if you purchase during the Thanksgiving and Black Friday sale, but items are offered on sale even after that. Not only in the retail stores but also online shopping can help you buy items on discounts.
You can also use your coupons to get items at a discount rate.
Try to earn extra dollars
Keep an eye on a suitable holiday part-time job to earn extra dollars. You can choose one as per your liking.
Anything extra will help you avoid holiday debt and repay your existing debts. Even if you’re not able to pay them off totally, you can at least reduce your debt burden with your extra income.
Think about alternative gift ideas
Studies have revealed that an average American spends more than $1,000 on Christmas gifts every year. Let’s break this notion this time and save money.
One of the best ways to avoid holiday debt is to think about giving alternative gifts. How is that possible? Here’s a suggestion you can think about.
Instead of giving a gift to your grandparent, spend one day with them. Believe me, they will be happier than receiving any gift. Their joy will double and they’ll remember this Christmas. Spending time with your loved ones is the best gift you can ever give.
You can also prioritize gifts. Write the name of the little ones for whom you’ll buy gifts as per their choice. You can avoid giving gifts to others or you can make personalized gifts like homemade cookies, candles, and so on.
Be creative with Christmas decorations
Another thing on which we usually waste a lot. This time avoid it. Select just three areas in your house to decorate instead of decorating the entire house. The three areas can be the front door of your house, the dining area, and another focal point in your living room.
Also, involve your kids in decorating instead of buying expensive decorations. Doing so, you can also help the little ones to nurture their imaginative minds.
You can search online for handmade gift ideas and help your children with the craft work. Doing so, all of you can enjoy quality time, which is the main essence of the holiday season.
Arrange a Christmas party without spending much
One way to avoid holiday debt is to arrange a Christmas party without spending much. Opting for debt-free Christmas challenge doesn’t mean that you’ll have to compromise with your enjoyment.
This time, arrange a potluck party. Ask your guests to bring food of their choice. Ask some friends to bring appetizers, some of them to arrange the main course, and others to think about desserts. It is great fun to have the suspense thinking what you’ll have on the table. You can arrange the drinks and that too, don’t have too many variations.
As I have mentioned at the beginning of this article, this tips can help if you’ve decided to spend a happy Christmas without debt. The enjoyment doubles when you can do it, isn’t it?
But, what if you’re already struggling with debt?
Have you tried to solve on your own?
If you’ve not succeeded to repay your debt through DIY options, you can opt for a debt consolidation program to repay multiple debts with ease.
Here are some additional tips to enjoy Christmas and sort out money for paying off debt:
•Use money, received as a gift, to repay debts
•Cut down your gift budget by 20% and use the money to reduce debt amount
•This Christmas, only gift handmade personalized items
•Take the initiative of celebrating and motivating others to have debt-free Christmas celebration
Good Nelly is associated with debtconsolidationcare.com as a senior author. She primarily writes financial articles in order to help others manage their finances and solve their monetary problems. GoodNelly has written articles for many other websites too.
Thanks for the tips, Good! There are some great ways here to stay away from blowing the budget this holiday season, and I hope everyone out there can put some of their DIY skills to good use implementing them!