Don’t Let Christmas Spending Push You into Debt

Posted by on December 6, 2019 in Loans and Frugal Living with 0 Comments

Christmas is right around the corner and for many families that means a whole load of stress. There are a number of reasons why someone might find the season stressful, but primarily, the worries come from the issues of money.

Whether you’re spending money on presents or hosting Christmas dinner, this time of year can take a huge financial toll on families. This is especially the case for people already struggling with debt and other financial issues. How can they accommodate all of the expectations that get put on them during this time of year?

What if you have kids? How can you make sure that they have an enjoyable holiday season, and get the gifts that they want? It’s a lot to consider – but no matter the pressure, it’s important that you don’t give in and are able to set real and tangible expectations for the holidays.

Set a Budget

The best financial debt-help counselling you can receive all has to do with setting budgets. Credit counselling agencies often advise the use of monthly budgeting in order to work towards a debt-free life, so why not use this handy tool for managing your seasonal finances?

You can use something like this Christmas Budget Planner Excel template to help you along. It allows you to enter in a list of people you’d like to purchase presents for, and also assign a separate budget for each one. There are also fields for adding supplies like wrapping paper, gift bags, tape, etc.

With this handy tool you can monitor your spending and make sure you don’t go overboard. It’ll also help you keep track of who you need to buy presents for.

Consider Homemade Gifts

Check out this amazing list of 85 gift DIYs to get inspired this holiday season. From homemade ornaments to baked goods, there’s no shortage of affordable gift options when it comes to DIY.

Creating items (like ornaments) in bulk can also help you save money. Use these gifts for people outside of your immediate family, and you will be able to put your money towards buying that toy that your kids have been wanting all year instead.

Manage Expectations

Maybe even with the DIY options you still are having trouble affording gifts for the kids. It’s important that you are honest with your children and that you manage their expectations. Don’t make promises you can’t keep, and take the time to explain to them what it means to be on a budget.

Emphasize instead fun activities you can do together – like baking cookies for Santa, or attending a local holiday event. You may just be surprised to see how understanding your children are, especially after you have a conversation about what’s going on.

Don’t Feel Pressured

Can’t host your family and friends for Christmas this year? If this is the case, then you shouldn’t feel guilty at all. Be honest about your situation, and if you’re too embarrassed, come up with an excuse! No one should have to feel obligated to host family dinner, especially if it’s not something they can afford.

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