How to Avoid Debt Around the Holidays

With prices on the rise and unpredictable market conditions, this holiday season is hard on the budget. It can be easy to spend more this time of year, whether you’re buying gifts online or heading on a holiday vacation. Keeping a budget and a mindset on long-term financial goals can help you get to the other side of the holiday season with confidence for the year ahead.?

Check out our quick tips for staying on budget this year:?

1. Set a cap on your spending and stick to it! Decide how much you can comfortably spend on gifts this year. Even if you’ve already started shopping, setting a limit can always help. Don’t forget to budget for the cost of food, activities, travel, unexpected expenses, etc.?
2. Use the best credit card. (Or cash.) Make your holiday purchases with the credit card that gives you the most benefit – whether that’s cash back or a low interest rate. Just try not to go overboard on accumulating debt because the interest adds up quick. Instead of looking at debt consolidation loans at the start of the year, check out our Debt Free Life program now. More on that below!?
3. Suggest a gift alternative. If your family traditionally overspends on gifts, or you’re running out of good ideas on what to get your grandma, consider a gift exchange or a handmade gift.?
4. Don’t double-buy. During the holidays it’s easy to forget about what we have stashed away in the attic or closets; you may already have wrapping paper, tape or even something to regift during that gift exchange (just kidding). Shop smart. Online retailers have deals going throughout the holiday rush.?
5. Gift your future self. Don’t forget to treat yourself this year! One confidence-boosting way to treat yourself is to invest in yourself with a retirement savings plan. Think about contributing a little extra towards an annuity or IUL.?

Instead of racking up holiday debt, you could meet with a financial consultant through Quility’s Debt Free Life program. Free of charge, your Debt Free Life consultant will analyze your finances and give you a personalized debt elimination report showing you exactly where your money is going and how long it will take you to pay off your debt while recommending a debt elimination strategy.?

Learn more about Quility’s Debt Free Life program by visiting quility.com/debt-free-life/ or reaching out to me directly.?