How to Break the Cycle of Debt Before It Begins This Holiday Season

Well, it’s that time of the year again—holiday season! And while you may be looking forward to spending time with family and friends, exchanging gifts with loved ones, and enjoying some of your favorite seasonal dishes and meals, the holidays also can present some difficulties. With Black Friday, the holiday shopping season officially starts, and it can mean that your credit can take a hit if you get too wrapped up in the spirit of giving.  

At Quality Credit Repair, we’re not just the trusted provider of debt relief in Philadelphia. We’re also dedicated to helping our clients repair their credit through responsible and effective practices. We want to help you end the cycle of debt before it even starts. With some planning, creativity, and a little discipline, you can ensure that you enjoy all that the season of giving has to offer, without the added stress of going into debt.

Let’s take a look at some easy steps you can take to help you remain debt-free this holiday shopping season:

  1. Create a Budget, and Stick to It

Before making a list of the things you’d like to purchase this season, you’ll need to set a budget that’s realistic and attainable. The important thing to remember is that your holiday budget includes so much more than just gifts. It also comprises:

  • Food for parties and get-togethers
  • Holiday cards
  • Transportation costs
  • Wrapping paper and supplies
  • Stamps
  • Decorations
  1. Use Cash for Your Holiday Spending

Utilizing cash for your seasonal purchases can be one of the most effective ways to stick to your budget, not only during the holidays, but all year long. It works because you’ll easily see how much money you have left to spend, and knowing this can help you to separate your wants from your needs and prioritize your spending. It can even save you from making impulse purchases, which may lead to overspending.

  1. Get Creative With Your Gifts

It’s not necessary to purchase a large or expensive gift for each of your loved ones this holiday. Remember, it’s not about the number of gifts you give or how much they cost, but the thought that truly counts. Instead, consider getting creative with your gift giving. Making something from scratch, crafting a homemade gift, or even giving a personalized memento can be much more meaningful than an overly expensive present.

  1. Don’t Fall for Black Friday or Other Holiday Deals

Store credit cards, too-good-to-be-true deals, and items mysteriously marked up, then down, are all typical tactics that stores use to get shoppers buying their products and going into debt this and every holiday season. Always make sure you do your research on what you intend to purchase to get the best deals possible.

By following these simple and straightforward guidelines, you can help to stay debt free this holiday season and enjoy all the amenities this wonderful time of the year has to offer.

For more information on budgeting for holiday shopping, or how to build your credit in Montgomery County, call us today at 888-399-3898!