4 Simple Ways To Kick Debt This Holiday Season
Whether it’s Christmas, Hanukkah, Diwali, etc., the holiday season is prime time for spending and holiday shopping. That nice shiny credit card comes back out and many of us use it to buy gifts or buy more than we can afford. This article will present 4 simple ways to not be overcome by the temptation to rake up credit card debt during this busy season.
Review Your Credit Card Balances
Before you head to your preferred shopping venue, check your credit card balances. There’s nothing like seeing a large debt – or several – to make you think twice about spending. Writing it down has even more of an impact on how much you actually spend and how much debt you end up with this holiday season.
Control Your Spending
To kick debt during the holidays or in any other context, the first step is to craft a budget that includes your total expected expenses in each category. Any item you are considering should be compared to your budget to ensure you can afford it. If it falls outside of your budget, you will want to rethink whether going into debt is worth it.
Pay Off High-Interest Cards
If you are planning a last-minute shopping spree this year and still have considerable credit card debt on your cards, try to pay off any high-interest cards before you spend any more.
Pay With Cash
A recent MIT study indicates that shoppers spend more when using credit cards than they do when using cash because of the “out of sight, out of mind” mentality. Save money this Christmas season and avoid holiday debt by using cash instead of credit cards.
Taxes should be the least of your worry after you’re done with your holiday shopping spree. Let our experienced tax professionals handle your taxes to save you time and to give you the peace of mind that you need!