6 Ways to Plan for a Debt-Free Holiday

The holiday season is fast approaching and with it come the feasting, festivities, and financial obligations many of us have come to dread.

But by following these six tips, you may still be able to enjoy the season, while ensuring your credit card debt doesn’t get out of hand.

1. Make a Spending Plan

Take a hard look at your finances and figure out realistically how much you’ll be able to set aside for holiday shopping. Then, draw up your list and figure out your budget. The key is to stick with the plan. If you don’t start out with a firm idea of how much you’re able to spend on each person, it’s easy to get sucked into impulse buying.

2. Set Money Aside

With the multitude of savings apps now available, there’s never been an easier time to put money away. These apps encourage and track your savings and range from simple piggybank-like features that allow you to put small amounts away regularly to more sophisticated versions that let you trade stocks as well.

3. Start Early

The benefits to getting a jump on your holiday shopping are many. You can spread out the total expense and effort over multiple months, and chances are, if you’re more relaxed about the whole endeavor, you’ll make better choices and stay within your budget more easily. (Remember that budget?)

4. Shop Online

Shopping online offers many advantages, but the top perk is being able to compare prices to make sure you get the best deal..

5. Use Caution with Cards

If you do go the credit card route, charge only what you know you can pay off the following month to avoid interest fees

6. Take Cash Only

If you prefer shopping in the real world, consider leaving your cards at home to avoid the urge to overspend.

If you’re already concerned about your credit card debt situation right now and worried the holidays will only make it worse, you may want to consider taking more proactive measures to begin tackling your debt.

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