LANSING, Mich. (WLNS) – The holiday shopping season is well underway and if you fell like you are spending fast, you’re not alone.
It’s easy for things to get a little out of control so we are here for you with 6 tips to help you make sure you don’t start the new year in debt.
The first tip is budget for everything.
Factor in all of the expenses that come with the holidays, not just the most obvious, like gifts. Also think the costs for gas, Christmas cards, travel expenses and food, among others.
Tip number 2 is determine how much you can spend. Money for gifts and other holiday expenses should ideally come from your disposable income so it’s important to know how much extra cash you have.
Experts say only use credit cards if you can pay the balance off in January.
Tip 3 is set a spending limit for gift giving. Come up with a number for each person and stick to it.
The next tip is to pay in cash as much as possible. It’s easy to know what you’re spending when using cash as opposed to credit and when you run out it’s gone, not a seemingly endless supply with the swipe of a credit card.
Number 5 is track all purchases. That means save those receipts
Tip 6 is of course a no-brainer this time of year. Shop those sales and look for deals.