Preventing debt: 6 great tips to prepare financially for the upcoming christmas season

Author: M. J. Collins
Published: Jul 29 2013

Buying Christmas gifts for your loved ones is a tradition in many families, but the expense associated with the practice can be overwhelming for some people. Fortunately, there are several ways that you can celebrate the holiday season without going into debt. As long as you take the time to plan before you start buying gifts, you should be able to accomplish all of your holiday related goals for a reasonable price.

1) Set Up a Budget

One of the biggest reasons that people overspend during the holidays is that they do not take the time to create a realistic budget. You can avoid this problem by making a list of every person you will be buying for so that you can determine how much money you need to put aside. Once the budget has been created, you will need to ensure that you stick to it so that you do not end up dealing with credit card debt at the beginning of 2014.

2) Visit Online Retailers

Buying online is almost always less expensive, especially if you look for sites that offer free shipping. When you combine the convenience of being able to shop 24/7, it becomes easy to understand why so many people buy their Christmas gifts online. Keep in mind that most online retailers offer great specials on Black Friday and Cyber Monday.

3) Save Money Every Payday

If you start putting $25 aside every payday right now, you should be able to easily come up with the majority of the money that you will need for your Christmas budget. This will make the entire process much easier than scrambling to pay for everything out of your last paycheck before the holiday.

4) Utilize Discount Websites

There are several discount websites available such as Groupon and Living Social that make it easy to buy products, services and unique experiences at a discounted rate, and this provides you with the perfect way to give someone a memorable gift without spending a lot of money.

5) Get Creative With Gifts

Anyone can buy a blanket from the store to give as a gift, but not everyone will take the time to make one for the recipient. Most people appreciate handmade gifts, and you can also use your creativity to greatly reduce your Christmas expenses.

6) White Elephant Party

If you are unable to afford presents for everyone on your gift list, you can host a white elephant party instead. These parties require each guest to bring one gift, and everyone will also leave with one new item. This takes the financial pressure off of everyone, and it also enables the entire group to have a lot of fun swapping gifts.

It is understandable that most people want to give all of their loved ones a nice Christmas present, but it is important to remember that you will still have bills to pay once the holidays are over. Therefore, you should always take steps to reduce your likelihood of incurring a lot of debt.

M.J. Collins knows how difficult it can be to come up with money around Christmas-time, and that shopping online at websites such as http://www.christmasgifts.com/ help make the budget for Christmas shopping more convenient and flexible.

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