Don’t worry, I haven’t lost my mind. I know it’s July. But it’s also the perfect time to start planning. A phenomenon that I consistently see happen, year after year, is post-Christmas regrets because of overspending. Christmas is on the same date every single year, yet there are always folks that are “surprised” by Christmas and have no plan for how to pay for it. And it’s a terrible feeling to start of the new year with a huge credit card bill because Christmas hit your pockets hard. Early preparation is a key element of being prepared for the cost of Christmas.
As of today, we have about 25 weeks until Christmas rolls around again. The question is, “Will you be ready”? After the year we’ve had (hello COVID-19, hello looting and protests, hello stock market crash and recession), I really wouldn’t blame anyone for canceling Christmas. But my family is looking forward to it, so I’m gearing up to make it a great one. If you’re feeling the same way, but want to set yourself up for a debt-free Christmas this year then just keep reading!
6 Tips for a Debt-Free Christmas
1. Set a Christmas gift budget.
2. Don’t overlook non-gift purchases, like decorations.
3. Factor in additional food during the holiday season.
4. Factor in the cost of holiday travel.
5. Shop for gifts year-round.
6. Start a Christmas Sinking Fund.
Have you started saving for Christmas yet? How much money do you typically spend?