Did you overspend last year on your holiday gifts? Want to keep your costs under control this year? Janet Bodnar with Kiplinger outlines 10 ways to keep you out of debt this year in Ten Holiday Shopping Tips. Some of Bodnar’s tips are summarized below:
- Pay cash – Using cash, especially large bills will make you think twice about what you are spending. Also, if you use your debit card you can only spend what is in your account.
- Know thy enemy – If you must use a credit card for shopping, be sure to read the fine print and choose the card with the lowest rate and most favorable terms. Also, pay the bill off in full if at all possible.
- Keep a running tally of your credit-card spending – After shopping, deduct all that you’ve spent from your checking account balance. This will ensure that you have enough money available to pay for your purchases.
- Have a plan for paying off your bills – Set a goal of when you should have all bills paid off. It will help if you cut your spending budget this year.
Please read all of the ten tips here.