As the holiday season closes in, it won't be long before you're making a list of the many expenses that you're sure to face in the months to come. Organization is a good start to staying within your budget, but there's no guarantee you won't overspend.
With access to a credit card, it's easy to go overboard during the holidays. From gifts to hosting a party, you know there are quite a few ways to spend.
Here are four tips you can follow to avoid credit-card debt this holiday season:
- Create a budget: If you know how much you can afford to spend, you can then create a budget that keeps you in check. As long as you stick to the numbers in front of you, you'll never get ahead of yourself.
- Use cash: Rather than rely on your credit card for every purchase, use cash or a debit card. This way, you're only spending money you actually have.
- Watch your account closely: It's easy to assume you're on track with your spending, just to run into a big surprise when you receive your next credit card statement.
- Use a separate credit card: If you have a separate credit card, use it solely for holiday spending. This will help you better track your spending and avoid debt you can't afford to repay.
If you find yourself in financial trouble before or after the holiday season, don't hesitate to learn more about the many ways to improve your situation. Too much credit-card debt can cause a lot of stress, but there are strategies you can use, such as bankruptcy, to get back on track.