Is your budget bursting like the buttons on Santa’s coat? Is swiping your credit card making your anxiety run high? Holiday spending is a major cause of stress. It is easy to get caught up in all the gift giving and Holiday activities that we live in the moment and forget the Holidays can spin us into a whirlwind of debt.
The best way to curb the anxiety is to create a plan. If you make a budget and check it twice, you are bound to have a stress free Holiday Season with visions of a debt-free life dancing in your head.
According to an annual study conducted by Prosper Insight and Analytics people plan to spend an average of $967.13 which is up about 3.4% from last year (source National Retail Federation). Not to mention, 56% of Americans plan on going into debt for the Holidays and although many realize how important a budget is 58% of families fail to stay on budget. (source: The Motley Fool). Spending $967.13 is a HUGE chunk of change, especially if you are already struggling financially.
Many are tempted to dip into their emergency fund or retirement account or open a credit card to make ends meet during the Holiday Season. This is a bad idea all around. Your emergency fund should be used only when NEEDED and using a credit card only guarantees you will pay way more because of interest. Since going into debt this Holiday season is not an option, I’m going to give you some jingly-good ideas to help save your budget and still have a nice Christmas or any Holiday you celebrate.