The holidays are fast approaching. You are being bombarded by ads left and right. You need gifts for your significant other, kids, and family members. You go shopping. Whether in the stores or on line. You go through your list and one by one cross them off as done.
For most, that is the standard holiday ritual. For others, they now worry about the bills that will be coming and how will they pay for them.
Don’t let this happen to you. This is the perfect time to remember the spirit of the holidays and not just the gifts. Does that mean you don’t buy anything? No, it just means make a plan and stick to it.
The first step is to make a detailed budget of what you are able to spend without going over the edge. You should also involve your significant other in the budgeting process so that this is a family decision and everyone has a say.
Once you are comfortable with your choices, you now have to consider how to put this into practice. Do I use my credit cards, debit cards, cash, borrow?
The best practice would be to use cash whenever possible because once the item is paid for, it is done. No statements to be received. If that is not possible or realistic, then use a debit card. Why? Because you are still using your own money. Sometime when we use our credit cards, we don’t get a true sense of how much we spend.
Don’t let the holidays stress you out. You have enough pressure in your life. So plan a reasonable budget and pay for the gifts as you go.
No bills to come later and no worries. Just enjoy the time!
