Say No To Holiday Debt This Holiday Season With These Simple Yet Efficient Tricks!

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The holiday season is here! It’s the most awaited time of the year – the time we earmark for our family, friends, and loved ones. It is time to catch up on all the family gossip while enjoying good food and expensive wine. Amidst all the celebration, there’s also one thing that becomes (more often than not!) a big part of your holidays – holiday debt!

While you may love showering your loved ones with gifts, it is often natural to lose track of your holiday budget and go overboard with gifts. The result – by the time the holiday spell is over, you find yourself deep in debt.

Here are some tips to avoid the holiday debt this season!

1. Set A Budget And Stick To It.

The first thing you must do before splurging on gifts is to carefully assess your financial situation and chalk out a budget accordingly. See how much you can afford to spend on gifts without hurting your financial stand. If you’re on a tight budget, make a list of only the people closest to you and calculate how much you can spend on gifts per person. Once the gifts are covered, see how much you can spend on parties and decorations. Yes, it is important to take every little thing into consideration! After you’re done with your entire holiday spending budget, make sure you stick to it.

2. Choose Meaningful Gifts Over Pricey Ones.

A thoughtful gift is likely to be far more appreciated than an expensive gift that holds no or little value for the person you’re gifting it to. Opt for personalized gifts for your closest family and friends. For instance, you could gift your parents a customized family photo engraved in wood. Or you could also make gifts for your loved ones such as a scrapbook of memories collected over a lifetime. Such gifts show the recipient that you’ve put a considerable amount of thought an effort into the gift. Remember, it’s the thought you put in a gift that counts and not the price tag!

3. Spend Smart!

When shopping for gifts, just don’t go on adding stuff to your cart blindly. Check if the store allows you to use your credit card points. Always, always, take advantage of credit card reward points. To avail the best offer, make sure you compare the prices of different stores before purchasing from a particular store. Also, always check prices both on offline and online platforms and see where you’re getting the best deal. If you’re shopping online, look out for relevant promo codes.

4. Potlucks Are Always A Great Idea.

Instead of shouldering the full responsibility of a big-fat dinner, host a potluck. So, while you can prepare the stuffed Turkey or an elaborate dessert, you can ask people to contribute to the party by bringing their signature dish. This way no one has to do all the work or spend a fortune on hosting a party but each gets a share of their own fun at the party.

5. Be On The Lookout For Sales And Discounts

Just because you have to gift during the holiday season, doesn’t mean that you have to buy gifts during this time itself. You can stock up on gifts all-year round. Numerous online portals, as well as retail stores, offer sales and discounts at different seasons throughout the year. Subscribe to the newsletters and promotional emails of stores and online shopping sites to get notified of offers and discounts. This is a great way to save money while stocking on gifts.

6. Reduce Travel Costs

We all know that flight ticket costs touch the sky during the holiday season. So, why not get an early kickstart on your travel plans and purchase your tickets beforehand? If you plan to buy your tickets early, do it by October. Another trick that a lot of people don’t know is that many travel websites offer great discounts and offers at the last minute. You just have to keep an eye out for the prices and book when you think the prices have hit the lowest (however, we highly recommend that you don’t pull this stunt unless you’re a probability wizard!).

Follow these tips and tricks to ensure that this holiday you can enjoy debt-free!

For any kind of tax-related or saving advice, reach out to us at tax@mytaxfiler.com or call us at 1-(888)-482-0279.

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