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How to Manage Money and Eliminate Debt Dashing through the malls with credit card in hand buying big and small I don't understand I wish I had more cash but my credit card I'll use I spend it in a flash Oh, I have the holiday blues Oh, Jingle Bells my credit smells and I think I broke the bank Oh, I wish I was debt free but I have myself to thank Oh, Jingle Bells I'm penniless and I have some bills to pay I still have some things to buy what else can I say Debt and the holidays don't have to be connected. I've created some tips for how to manage money in this holiday season and how to begin tackling your debt before it becomes too much. HOLIDAY DEBT TIP 3: How to Avoid More Debt Spend Less - When I was growing up the holidays were a time for enjoying each others company, getting together and spending too much. In fact we would all spend a lot more than we we really should have. It took a few years but we realized that it was the companionship and not the gifts that made it special and the holidays changed for the better. Rather than buying one gift for each family member, we began to randomly pick names and purchases just one present for one person and the present had to be under a certain price. Our limit was $100 but it didn't have to be that expensive. The thought really does count and usually a $25 present or a homemade gift can mean more to a person than a new Plasma T.V. or I-POD. Turn Off Those Lights! - You might be in the holiday spirit and want to show the world how wonderful Christmas is, but for if you want to save money turn off your Christmas lights. Those little guys zap so much money out of your bank account. Try only having them on from 7 until 10 and wait until it almost Christmas before you start lighting up. Share The Duties - Rather than making the whole dinner for the entire family of aunts, uncles, in-laws, siblings and friends even out the responsibilities. Have Aunt Julie bring her incredible mashed potatoes, your kid brother can bring their favourite bottle of wine, mom and dad can make all of the pies and treats and your crazy cousin Johnny can supply the festive coffee. Don't put the entire dinner on your shoulders and on your bank account. Sharing responsibilities will help show you how to manage money and remove a lot of personal expenses. Exchange Presents on the 29th - Prior to going out to hit the overcrowded stores maybe everyone should wait. Boxing Day is the ideal time for shopping. The malls may be super busy but the money you will save is probably worth that extra time and frustration. HOLIDAY DEBT TIP 4: Start Tackling Debt Now You must start paying more than the minimum. Try to use the debt stacking approach I have mentioned in several previous posts. Take care of your lowest debt first and wipe it off the map. Use any extra money you have to get rid of that balance. I can't stress enough how important and how valuable a tool debt stacking can be. You must take care of your finances and stop racking up even more credit card debt. For my next post there will be another festive song you can sing and I will include 2 more ways of how to manage money and stay debt free this holiday season! DID YOU LIKE THIS ARTICLE? SHARE IT WITH FRIENDS! You can pay off your debts and save money at the same time! Say goodbye to your boss forever! A blog that will show you the secrets of the wealthy: http://www.howtomanagemoneytips.com
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Article Source: ArticlesBase.com - The 12 Debts Of Christmas Part Two |
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