Wednesday, December 22, 2010

Guest Post: 5 Tips To Spend Wisely on Christmas Celebrations

Guest Post by Roxanne Peterson
Author's Bio: RP is a columnist writer for various finance related Communities including CDFA, Oxfam America, Debt Consolidation Care and many more. She is a PG degree holder in Marketing and Finance and right now working in a reputed bank as a relationship manager. She is well equipped to write articles on debt consolidation, debt settlement, saving money, frugality, etc.

5 Tips to spend wisely on Christmas celebrations

Do you always have to worry about how to pay back debt after the festive season is over? Do you have to struggle hard to repay the bills after Christmas? If yes, then promise yourself to not repeat the same mistakes this year. Here are 5 tips which you can follow to spend money wisely this Christmas.

1. Do not load your credit cards much

One of the main reasons behind falling into debt during the festive season is to not use credit cards wisely. To avoid incurring additional debt on your credit cards, do not swipe your cards for each and every purchase. While shopping for Christmas, you can use your lowest credit card but make sure you don’t exceed the available credit limit. Most importantly, try to pay back the outstanding balances as fast as you can. In this way, you can save the money that you otherwise have to pay as interest. It is also advisable that you don’t carry your cards all the time when you go for shopping. This will help you if you’re a shopaholic; you won’t be able to purchase items that you can’t pay by cash.

2. Make a list of items before visiting stores

If you do not make a list of items you require, then after visiting the stores, you may end up purchasing stuffs that you may not require at present. To avoid this, always make a list of items of require. Moreover, it will be better if you allocate a dollar amount for each item so that you can purchase all the stuffs without exceeding your budget. You should never take shopping as a recreational activity and if possible avoid shopping with people who like to shop. One of the best ways to shop within your budget is to go for shopping alone. When buying an item that is not in your list, ask yourself twice whether or not you really need it.

3. Shop for decorations in advance

It is always advisable to shop for items much before Christmas. The best time to shop is right after Halloween and Thanksgiving. You can also shop online to get some of the best deals as most of the stores offer discounts only on online shopping. Several stores offer huge discounts right after Christmas. So, if your budget permits you, you can shop for gifts and items and keep them for the next Christmas.

4. Research on restaurant menu

Before inviting your friends for a Christmas lunch, make sure you research on restaurants to find out the discounts and special menu each of the restaurants are offering on the festive day. It will help you choose a restaurant that offers a special buffet lunch at a discount rate.

5. Check for holiday specials and packages

If you’re planning a vacation during Christmas, then it is better to plan it in advance. Before reserving your tickets, you should check holiday specials and group packages if you plan to travel in a group. It is one of the best ways to spend money wisely on Christmas vacation. You can search online or discuss with a travel agent for information on holiday packages. A small tip – Try to travel either before or after Christmas. By doing so, you’ll increase your chances of getting better accommodation at a relatively lower cost.

Above all, you should plan a budget and don’t spend more than what your financial condition permits you. This will help you enjoy Christmas more as you won’t have to worry about paying back debt.

1 comment:

  1. I failed on the first one... great tips, i wished i read it before hand =[


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