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Times are tough for everyone, and even with Christmas savings, it can be easy to fall into holiday and gift giving debt. Here are some tips for avoiding gift giving debt this year so you don’t have to stress after Christmas about how to make up the deficit!
1. Consider DIY gifts
DIY gifts are not only a great way to save money and avoid gift giving debt, they’re fun to make! Even if you aren’t particularly crafty, there are lots of simple gift ideas on Pinterest that appeal to even non-crafty folk!
DIY gifts are cherished by the recipients because they know that time and love went into them. It isn’t necessary to spend tons of money in stores when you can make something just as thoughtful and nice from your own home!
2. Set a limit.
Instead of buying multiple gifts for each person on your Christmas shopping list this year, set a limit. If you’re really scraping by, limit it to a single gift per person! Most people will appreciate the thought more than anything and if you really want to avoid gift giving debt, you should set a budget anyway.
Set a dollar amount that you’d like to aim for per person and try your best to stick to it!
3. Don’t use credit.
If you can’t afford it now, you can’t afford it – and that’s okay! Don’t rack up huge credit bills this holiday season just to please everyone on your Christmas shopping list.
Gift giving debt is tough, but credit debt is even tougher especially if you don’t have particularly good interest rates. This year, skip the plastic and live within your means.
4. Use layaway options.
If you can’t afford something all at once and you’re skipping credit this year, consider layaway. This a great way to secure some wonderful gifts and it gives you time to pay so you’re not paying for everything up front.
Many stores offer layaway options with little to no deposit.
5. Go to yard sales!
Around Christmas, everyone is usually trying to make an extra buck to provide for their families. Many families turn to yard sales to help raise additional funds for their Christmas shopping budget and you can find lots of hidden treasures! If you know someone who is looking for specific decor or items and doesn’t mind secondhand, head to your local yard sales and scout out the best deals!
There are many reasons you should avoid holiday and gift giving debt, but these should help you stay within your Christmas budget this year! Have you ever experienced gift giving debt? What are you doing this year to stay out of it?