It’s unfortunate, but this type of debt has a lot of staying power.
It also has the ability to force you even deeper into debt if you don’t get a handle on it right away.
If your New Years resolution is to pay off your holiday debt as quickly as possible, then you are in the right place!
I’ve taken the time to assemble for you what I think are some of the best tips for eliminating holiday debt in a fast fashion.
7 Ways To Avoid Holiday Debt
- Figure out just how much debt you owe from the holidays. This is crucial if you’re going to get a handle on your debt, otherwise it will continue to snowball.
- Make paying off your holiday debt your top priority. When you decide that any and all extra cash is going to go to pay off holiday debt, then you will get out debt faster.
- Stop spending money on entertainment and instead use that money to pay off your debt. Cutting back on the trips to the restaurant and to see movies at the theater can garner a lot of savings that you can use to pay off your debt.
- Don’t just pay the minimium payment on your credit cards. Make as many payments each month as you can afford to, not just the minimum. Not only will this policy help you to pay off your holiday debt, but it can help you with paying off other debt too!
- Take any unused purchases back to the store and get them credited back to your credit card. Let’s face it we all have a tendency to go overboard at the holidays. If you have gifts that you didn’t give, or gifts that you don’t like or want that were given to you, take them back to the store. You can use the savings to pay off your debt.
- Get rid of late fees. It’s amazing how much you can save a month just by turning in that DVD, or those library books on time. Take those savings and put them towards your debt instead!
- Sell the stuff you don’t use anymore. If you have books, clothes, or even furniture that you’re not using and that is in storage or just put away, consider selling these items on e-Bay, or Craigslist. Then apply that extra money to your debt.
3 Tips For Saving Money During The Holidays
Looking for ways to save money during the holiday season?
You can save in ways other than just on gifts!
Here are some simple ideas to get you started:
- Make food serve double-duty as decorations. For example, winter squash, nuts, apples, and even herbs can be used as decorations before you use them in holiday recipes.
- Take care of yourself. The holidays are stressful for a lot of people, so take care of yourself by getting enough sleep and exercise. Also concentrate on eating healthy foods during the holidays. This will help to keep you stress free and keep you from getting sick as well!
- Use soy or beeswax candles during your holiday celebrations. They last longer — which saves you money. Plus, they have the added benefit of smelling great!