Even in difficult economic times, it's not impossible to stay out of debt this holiday season. Use a few simple tips to keep yourself ahead of the game:
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Even though times are tough, remember to pay yourself first. This is always a good idea and in today's economy, it is critical.It isn't easy, but put money in savings and pay all your bills before you set aside money for holiday gifts.
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Next, develop a budget based on what you have not what you want. Buy only what you can actually afford. You may have a wish list- and certainly your children will- but this year, everyone may need to settle for a few less packages under the tree
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Don’t purchase the first thing you find- shop around. Sales will likely be big this year to encourage retail spending. Comparison-shop, save your receipts and try to find the best deal possible.
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Remember to keep your checkbook balanced. It’s very easy to just run and shop, but this year it is even more important than ever to keep very careful records. Don't fall behind when it comes to balancing that checkbook. If you do, the next thing you know, you’re going to be looking at red ink. No one wants to increase their expenses with nasty overdraft fees that multiply like snowflakes in a blizzard.
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Finally, don’t open a brand-new credit card just to get the 10% discount. It may sound wonderful right now, but sooner or later, that extra credit card could cost you a lot more than you think. Do you really want to spend the New Year paying off yet another credit card? Do yourself a favor and pass up that offer- it most definitely will come again.
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