If you’re already dealing with credit card debt, this can be a frightening time of year. Virtually every time you log on to your computer or turn on the TV, you’re inundated with ads for everything from pet toys to luxury cars. So how do you avoid going into the new year with even more debt than you already have?
The site Nerdwallet offers a number of suggestions. Let’s look at a few.
Have a “spending plan”
That sounds a lot better than a budget. Based on your financial situation, determine how much you can spend on presents, decorations, entertaining, clothing and other holiday expenses. Then stick to that plan. If you start to falter, remember how bad you felt last year when you overspent.
Don’t pay full price
These days, Black Friday and Cyber Monday deals last long past the Thanksgiving weekend. Keep an eye out for the lowest price on whatever you’re shopping for. There are also a number of money-saving apps that can help you spend less when you shop online, and in some cases, in stores. Many retailers have their own apps that you can put on your phone and get a little extra back when you check out.
Be creative with your gift-giving
The pressure to spend a lot on presents often comes from ourselves rather than others. If you give some thought to what everyone on your list really wants or needs, that can make them feel more special than a gift that just cost a lot of money. If you need to really cut back on your holiday spending, give them your time and skills.
If, no matter what you do, you’re going into 2020 with a mountain of credit card debt, it may be time to determine what your best debt relief options are.
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