Just Say No To Credit At Christmas
The financial pressure is on at this time of year! Don’t blow your budget at Christmas if you can help it! The spending season is fast approaching and a lot of people make a big mistake at this time of year. They put Christmas on credit! Big mistake!
Sure, it’s the season of good tidings and cheer but do you want to pay for it all next year?
Not only will you suffer next year but you’ll probably only make minimum payments which will mean about 10-30% extra will be spent on interest so if you spend $1,000 on Christmas gifts, how much will it really cost you by the end?
This is the time of year the stores prey on people. They stand by the front of the store and offer you a free pen or a 10% discount if you’ll apply for a credit card. They’ll also often grant a temporary credit card on the spot to ‘get’ you before you’ve had a chance to consider. Impulse buying is the # 1 love of the credit card companies. Store credit cards are even worse because you don’t get to shop around as you can only use the card at one store.
Cash is King! Christmas Shopping Tips
Use cash for your shopping this season.
- Shop around. You’ll get better deals
- Haggle. When buying big ticket items & dealing with cash you can often save 10-20%! Make an offer!
- Set limits with family and friends so you don’t go overboard
- Shop early for next year. Start boxing week to shop for next year for things like decorations, gift wrapping supplies, stocking stuffers, etc. It’s amazing how good it feels to get started early!
If you’re in a pickle this year because you haven’t saved enough money for Christmas shopping, there’s nothing wrong with deciding to do things on a small scale. Making homemade gifts or doing gift baskets with less expensive items (but with a more personal touch) can save you money. You can find lots of low-cost gift ideas that will result in a gift that doesn’t look or seem cheap to the recipient. Next year, plan early and consider opening a savings account and having automatic withdrawals from your pay into that account to ease the pressure. If you’re doing a money jar budget, you can also allocate a Christmas fund early in the year.
[...] Just Say No To Credit At Christmas: A new post on my money jar budget blog. Are you stressing about Christmas finances yet? [...]