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Avoid Holiday Debt by Planning Now [Holidays]

27 Lug/09

We’re not even out of July, and here we are talking about the distant holiday season? That’s because with a little planning now, you can spare yourself the sticker shock of holiday spending. Photo by pagedooley.

We know it might seem odd to be talking about holiday spending in the middle of summer, let alone in the midst of a recession. Recession or no, people will be spending money at the holidays, even if it’s less than the usual amount.

Don’t get blind-sided by holiday expenses and enter the new year with a balance on your credit card and some mutterings about how you’ll do it differently next year. LaToya Irby, the About.com guide to credit and debt, has a method of diffusing her holiday spending over the last half of the year:

  1. Decide who I’m going to buy for
  2. Decide how much I’m going to spend on them
  3. Add it up
  4. Divide by the number of paychecks left until ~December 15
  5. Open a special savings account and save that amount each paycheck

This technique ensures you have enough money set aside for your holiday spending, but it also offers you an oppurtunity to assess your holiday spending a sufficient distance from the holidays. It’s much easier to set realistic spending limits for the holidays when you’re half a year away from them than during the usually stressful weeks leading up to them.

Are you a long-term holiday planner? Not planning on doling out gifts or holiday travel this year? Sound off in the comments.

It’s Time to Start Saving for Christmas [About.com]





Continua a leggere – Original Link: Avoid Holiday Debt by Planning Now [Holidays]

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