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Six Crafty Ways to Avoid Holiday Debt

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The most wonderful time of the year is almost upon us. But it can also be the most expensive time of the year if you’re not careful. You’ll have to buy presents, maybe prepare for a vacation abroad and then there are parties to attend as well as prepare. The holiday season is without a doubt a fun and festive season. It’s just too bad that your wallet might not have as much fun.

Create a Plan

You’ve heard experts say it endlessly. Making a budget is the secret to successful financial planning. This is exactly what you need to do if you want your wallet to get through the holiday in good shape. First make a list of what your expected expenses will be. From gifts to food and travel, list them all down and set aside a budget for each category. Once you have it all down, make sure that you keep track of every single purchase to avoid going overboard.

Save Up Early

You know that you’re going to spend money whether you like it or not during the holidays. So why not save up and operate a separate savings account just for the season? It makes perfect sense. You no longer have to max out your credit card anymore when buying presents. You simply need to take out your savings and spend it according to your financial spending plan for the season. There’s probably better way to stay out of debt by doing this as early as you can within the year.

Check Credit Card Rewards

Most credit card issuers spread the cheer of the season by offering special rewards during the holidays. If you’re buying your gifts using your credit card, it pays to double check your card rewards so you can leverage it accordingly. Some cards, for example, may offer you additional credit for every sterling pound you spend on eligible stores. When it adds up, it may equal to a decent amount of savings at least.

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Host Potluck Parties

Hosting parties during this time of year is a great way to get together with friends and family. But parties are expensive if you shoulder the expenses alone. Rather than host one all on your own, you’d save if you host a holiday potluck instead. Some of your friends and family can bring a dish or two which you can put together to feed everyone. Potluck parties are just as fun too. Best of all, you don’t have to break the bank on groceries anymore. You share the expenses with other people thereby allowing you to enjoy the festive spirit even more.

Borrow Rather than Buy

Most people spend a lot of money on new decorations for parties and your home during the holiday season. To save money, you may want to check out thrift stores where the items are usually priced less. Better yet, you can ask friends to lend you decors you don’t have and that they’re not using anymore. But if you really must buy, pick items that you can reuse for the coming the years.

Organize Gift Exchanges

Overspending is often inevitable when you’re buying gifts for every loved one you know. You’re certainly not obliged to do so but there’s something about the season that compels us to do it. But then there’s another way to give without really breaking the bank. You can organize gift exchanges instead. You can have your family and friends draw a name. The spirit of giving remains intact but you only buy a gift for the person you picked.

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