It may seem crazy to be thinking about Christmas in July, but actually it makes good financial sense. We know Christmas will eventually roll around, so it’s wise to start planning for it now to avoid stressing out and overspending later. When people wait till the last minute and basically wing it, it’s very tempting to just start charging gifts on the credit cards because there’s not enough money on-hand.
The two big things you can do now are: Start setting aside money for Christmas spending, if you haven’t already; and set a budget spending limit so you know how much you can afford to spend and what you might spend it on. Don’t forget to estimate costs for non-gifts, such as any travel costs, extra food, decorations, postage, etc.
Starting these easy steps now will make for smooth holiday spending later so you can enjoy a Merry Christmas and a Debt Free New Year!
Mark Foster is Director of Education with Credit Counseling of Arkansas (CCOA). CCOA is a member of the National Foundation for Credit Counseling. To schedule an appointment with a Certified Consumer Credit Counselor contact CCOA at 800.889.4916, or visit CCOA online atwww.CCOAcares.com.
Views expressed are the personal views of the author, and do not represent the views of the National Foundation for Credit Counseling, its employees, its members, or its clients.