How To Limit Holiday Debt
Holiday debt can sneak up on us all and cause financial problems. With all the unique expenses this season, it can be easy to overextend and spend more money than you have.
In this article, we will discuss how you can limit your holiday debt as much as possible. From smart budgeting to creative gift-giving, you will learn how to make this holiday season the best one yet.
Enjoy Financial Freedom This Holiday Season
Shop Early
There's still time to shop early and save money before the parties and presents take priority. Choosing to shop early before the holidays to reap the following rewards:
- You resist impulse buying
- You prevent overspending
- You can research the best discounts and sales available
- You avoid the pressure of last-minute holiday purchases
When looking to the future, consider buying things for next year right after this season ends. Many retailers massively drop their prices on things once the actual holidays pass. This can help cut down on holiday debt next year.
Make And Follow A Budget
A budget is a great way to avoid holiday debt because it helps you know how much disposable income you have and how much money you can spend without creating a financial problem for yourself.
To create your budget:
- Total your income
- Subtract your necessary expenses
- Find out how much money you can afford to spend
Stick to your budget and avoid building up your holiday debt to something unnecessary.
Avoid Putting Everything On Your Credit Card
Credit cards can be helpful when used wisely. However, if left unchecked, using a credit card can wrack up holiday debt. Sure, using a credit card means the money doesn't come out of your existing checking account immediately, but you will have to pay that debt off eventually, which means high-interest rates and steep monthly payments.
With some credit cards, you may pay up to 20% more on your purchases. It may take a significant amount of time to pay it off, and if you max out your credit card in a holiday spending spree, you'll quickly find yourself deep in holiday debt.
We're not saying that you shouldn't use your credit card, but you should be very selective. Carefully consider your purchases and whether or not you need to use a credit card.
Prioritize Meaningful Gifts Over Expensive Ones
If you can, consider cutting back on the cost of gift-giving. We're not suggesting that you skip giving gifts, but we want to encourage you to focus on the sentimental value of a gift, not the monetary value. Not all gifts have to be hundreds of dollars. An affordable gift can make someone very happy if it comes from your heart.
The amount of money spent is not equivalent to how much you care about someone. It's more important that you provide a meaningful gift. Focusing on the heart and not the dollar sign will cut your holiday expenses and bring joy to those you love.
How A Payday Advance Can Help You With Holiday Debt
Even if you try your best to cut down on holiday debt, you may still feel overwhelmed by life's unexpected emergencies. In these urgent times of need, a payday advance from Idaho Title Loans, Inc. can help address your financial burden.
Our application process is simple. Here's how it works:
- Contact us via phone or submit an inquiry form here on our website.
- A representative will walk you through the application process, which only requires three things:
- Driver’s License or State Issued I.D.
- Your most recent pay stub
- A blank check from an active checking account in your name
- Visit the store closest to you to complete the application.
- If approved, you'll receive your money on that day or the following business day.
It's a fast, helpful solution to address urgent holiday debt. If you are interested in a payday advance, contact us at Idaho Title Loans, Inc. today! We're always ready to help.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.