Tis’ the season!
Of deals that is.
Now is the time where we are bombarded with fantastic deals for the holiday season. Black Friday, Cyber Monday, we have already been getting emails about these fantastic prices to be for over a month now. Amazon, Wal-Mart, and Best Buy are just a few of the companies vying for your holiday shopping business.
Whether it’s a good deal on a new TV or the latest gadget, companies want you to think that it is now or never when it comes to getting the best deal on a product for the gift-giving season. While this may or may not be true, creating a budget for these seasonal expenses is critical to keeping credit card debt to a minimum.
It isn’t only the season for savings, but people feel the need to spend more than they can afford and charge it to their credit cards. This equates to not being able to afford the full payment when your cycle comes around, thus leading to the high-interest rates that credit cards charge. Avoid the high-interest rate and keep your holiday spending in check with these 3 tips.
- Pay Cash: Don’t be so quick to put every purchase on a credit card. If you can pay in cash then do it. This will prevent you from mindless spending.
- Create Gift Allowances: Put a limit on the amount you will spend on someone for the holiday season. This will allow you to appropriately budget out your funds for all of the individuals you need to buy for.
- Time Over Money: Remember that the holiday season isn’t truly about who gets the best gifts, it is about spending time with the people you care most about. Objects and money can be easily replaced, but moments spent with loved ones will have a greater lifetime value.
Budget Smart, Invest Wise