{"id":3618,"date":"2023-10-20T10:19:46","date_gmt":"2023-10-20T10:19:46","guid":{"rendered":"https:\/\/infundpros.com\/finance\/5-tips-to-rein-in-holiday-spending-and-manage-debt\/"},"modified":"2023-10-20T10:19:47","modified_gmt":"2023-10-20T10:19:47","slug":"5-tips-to-rein-in-holiday-spending-and-manage-debt","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3618","title":{"rendered":"5 tips to rein in holiday spending and manage debt"},"content":{"rendered":"

Retailers once again have begun their bid for consumers\u2019 attention with big sales early in fall, such as what amounts to a\u00a0second Amazon
\n AMZN,
\n +0.21%<\/bg-quote>
\n Prime Day sale. A longer holiday shopping season lets you spread out expenses, but it also could lead to overspending.<\/p>\n

\n

Danetha Doe, founder of financial education company Money & Mimosas, said in an email, \u201cIt\u2019s easy to go into unplanned debt during this time because many of us show love to those we care about by buying gifts or by spending money on travel to be with loved ones.\u201d<\/p>\n

NerdWallet\u2019s 2023\u00a0holiday shopping report\u00a0bears that out: 52% of Americans incurred credit card debt from holiday shopping last year, and 31% of them still have lingering balances. Survey results also show that nearly 2 in 5 2023 holiday shoppers (39%) feel pressure to spend more on buying gifts than they\u2019re comfortable spending this year, and 12% of 2023 holiday shoppers say they will likely use some of their emergency savings to buy gifts.<\/p>\n

See<\/strong>: Shoppers will spend more than ever on holiday gifts online. But here\u2019s where they might cut back to make it work.<\/p>\n

Whether you\u2019re dealing with debt or trying to avoid it, here are some strategies that can help.<\/p>\n

1. Create a spending plan<\/strong><\/h2>\n

Take a good look at your finances before you do any spending, and figure out how much you can afford to put toward gifts and other costs. That can help you avoid a financial shock later.<\/p>\n

\u201cDeveloping a spending plan before you enter the holidays will help you avoid waking up on New Year\u2019s Day with a financial hangover,\u201d Doe said. \u201cYour plan could include a list of all of the people you wish to buy a gift for and\/or your estimated travel costs if you are visiting loved ones.\u201d<\/p>\n

2. Set financial boundaries<\/strong><\/h2>\n

A\u00a0financial boundary\u00a0is a limit that you set to protect your money. Boundaries can be especially helpful during the holidays as you navigate the pressure to spend.<\/p>\n

\u201cYour financial boundaries may mean that you won\u2019t participate in gift-giving because your money has other priorities,\u201d Doe said. \u201cPerhaps you\u2019re saving up for a home, paying down debt or starting a business.\u201d<\/p>\n

Aim to set boundaries before getting into the thick of holiday shopping. For example, you might set a rule of waiting at least a day before completing an online purchase.<\/p>\n

\u201cThe key to sticking to your financial boundaries is mindfulness,\u201d certified financial therapist Celia Hughes said in an email. She suggested holding items in your online shopping cart for at least 24 hours. \u201cCome back and see if you still want to make the purchase.\u201d<\/p>\n

\u201cSlowing down decision-making supports holding down your boundaries,\u201d Hughes said. \u201cIf you\u2019re shopping in a store, take pictures of what you want to buy and then go home and sleep on it.\u201d<\/p>\n

3. Spend time rather than money<\/strong><\/h2>\n

Money is a source of stress for many people during the holidays. Prioritizing experiences and your relationships can lift worry from you, and your family and friends, by shifting the focus away from spending.<\/p>\n

\u201cMy advice to everyone, even if you are in a financially healthy place, is to focus your holidays on experiences and relationships,\u201d Hughes said. \u201cIt may feel like a leap to move away from extreme consumerism, but when your loved ones remember time together and time with you, it will be easier for that to become the norm.\u201d<\/p>\n

Plus<\/strong>: Be extra vigilant about these credit card scams during the holiday season<\/p>\n

4. Opt for low-cost gift-giving<\/strong><\/h2>\n

Choosing to focus on lower-cost gifts is another way to capture the festive spirit without deepening debt or adding financial stress.<\/p>\n

\u201cFor example, you could exchange handwritten letters of appreciation to each other rather than buying each other gifts,\u201d Doe said. \u201cIf you\u2019re feeling artsy, you could offer a DIY gift such as a candle, a hand-drawn card, an air freshener made with fresh spices placed in a Mason jar, ornaments, a candle holder or homemade jam.\u201d<\/p>\n

And if you still want to experience some holiday shopping, Hughes suggests: \u201cConsider a gift exchange, where each person secretly draws the name of another family member, and sets a low spend amount, with the task of finding something that reminds you of your favorite thing about that person.\u201d<\/p>\n

You might like:<\/strong> 7 more ways to save that you may not have considered<\/p>\n

5. Use cash<\/strong><\/h2>\n

Using cash over cards may help you to be more mindful of your spending \u2014 especially during sales.<\/p>\n

When you use a credit card, Doe said, \u201cIt is so easy to swipe it and forget it, but if you have to pull out the cash, you will be less likely to impulsively spend.\u201d<\/p>\n

Read<\/strong>: Credit card bills and student loan payments: If it\u2019s too much, consider these options<\/p>\n

6. Make a debt paydown plan<\/strong><\/h2>\n

As your spending plan and boundaries help you keep holiday costs down, think about pushing those savings into debt paydown to give yourself the gift of lower balances.<\/p>\n

If you need inspiration to stick with it, try the\u00a0debt snowball method. Focus that extra money on your smallest debt first (still pay at least the minimums on your other debts). Because you\u2019re starting small, you\u2019ll have a shorter time until payoff. When that debt is paid off, turn to the next-biggest.<\/p>\n

Or if you\u2019re worried about interest costs, try the\u00a0debt\u00a0avalanche\u00a0method. With this strategy, you focus on the debt with the highest interest rate first.<\/p>\n

Also,\u00a0debt consolidation\u00a0can help by combining multiple debts into one payment \u2014 ideally with a lower interest rate. If you have good credit, you could look into a 0% interest balance transfer credit card or a debt consolidation loan.<\/p>\n

More From NerdWallet<\/strong><\/p>\n

Tiffany Curtis writes for NerdWallet. Email: tcurtis@nerdwallet.com.<\/em><\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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