Now is the time to get in touch with your inner Scrooge! It seems the Joyous Holiday Season (emphasis mine) comes at a steep price these days, even if you don’t spend a lot of money on gifts. There are travel expenses to visit family, food and drink to purchase during entertaining and decorations for your home. Many people feel pressured, even this year, to continue old spending habits over the holidays which can add up to massive credit card debt. Give yourself the gift of a debt free Holiday Season.

Here is a list of things you can do to make sure your credit card bills in January don’t send you into a debt tailspin.

1. Make a smaller list, get rid of any extra necessary people and extra gifts. Don’t worry about people feeling slighted, no one will really expect you to be spending much money due to the economy.
2. Pay with cash as much as possible.
3. If you do use credit cards, buy only gifts you can pay in full within 30 days…or get an interest free deal. Buying something on sale is not a deal if you pay credit card interest on the gifts.
4. Ask guests to bring a food item for your Holiday dinners.
5. Homemade gifts are great, bake cookies instead of buying a gift.
6. Since most Americans gain 10 pounds over the holidays, why participate in office potlucks?
7. Put a picture in a nice frame.
8. Let the kids make gifts too, they love giving.
9. Maybe it’s time for an intimate immediate family Christmas rather than paying a fortune in airfare flying across the country to see relatives, especially if you see them at other times of the year.
10. Draw names within the family and limit the amount spent on the gift
11. Can you make last year’s lighting and home holiday decorations last another year? Sure you can! If you want new decorations, involve the kids in stringing dyed and glittered popcorn for festive garlands,. You can also make easy holiday crafts from paper scraps, glitter, glue and magazines. Think old-fashioned!
12. If you use lights on your home, limit the time they are lit, Holiday lighting uses lots of electricity!
13. Explain to your child what’s going on in the economy. Most children, even young ones, can understand the basics of what’s going on right now. Making them a partner in reducing household expenses will make them feel important and teach them money managing skills at the same time! It will also reduce expectations of gifts.

And Have a Happy Holiday!

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