Whether you like
it or not, Christmas is just a week away. If your family is like any other
family in the US, the weeks around Christmas are usually jam-packed with events
with extended family members and friends, wrapping and exchanging gifts,
preparing meals and eating them and then fighting off the winter blues with a
heavy dose of Christmas cheer. The problem with Christmas is that it can get
really expensive as the little expenses gradually add up, which can result in
some difficult and stressful moments post holidays. In fact, there are people
in the US who still are struggling to pay off debt that they incurred 2 years
back. If you wish to mend ways this year and spend a debt-free Christmas, here
are some vital financial tips that you can follow.
- Make a list of presents that you need: If you make a list of presents that you need to buy for your family and friends, you can agree to a price limit that you’re capable of paying. Once you make the list, you can revise and check whether all the names are worth including. Revise the list and check if some names would be marked off or not. This is especially true when you’re planning to spend Christmas on a tight budget. Mention the price of the gifts to your family members so that there are no wrong expectations about gifts and presents.
- Start making your own presents: There are many people who love to receive homemade Christmas gifts, particularly the foodie ones. Most people have most of the gifts that you’re planning to give them and hence it is certainly not a bad idea to make something new for them. If you have some people on your list who appreciates homemade gifts, you can make some for them.
- Schedule alternate Christmas celebrations: We all are aware of the fact that holiday travel during the peak periods, the week during Thanksgiving and the weeks around Christmas are incredibly expensive if they’re travelling by air. So, when you have to save some money so that you don’t fall in debt, you should discuss an alternate Christmas celebration. Perhaps you could all gather for a weekend in early December instead of the peak time. You can even celebrate Christmas at home and enjoy a family gathering at low prices.
- Arrange potluck dinners: Instead of you cooking all the meals on your own, why don’t you arrange potluck dinners at your home or your friend’s home? This will not only allow you to save money but also engage your friends in sharing for the dinner. You will get to know about the culinary skills of your friends so that you can host the next potluck dinner in their homes in your next party. Sit together and arrange potluck dinners if you’re on a tight budget.
So, when you
want to spend a debt-free Christmas, follow the above mentioned thrifty tips.
Avoid holiday debt as this is the most expensive thing that you carry forward
into the New Year.