Holiday shopping continues to escalate with Christmas less than a month away.
However, if a budget was not part of the festive season, debt may hit the bank account in the New Year.
John Eisner, president, and CEO of SolveYourDebts.com, said in a phone interview it is important to prepare a list before shopping.
“Prepare a budget, what can you afford? Because our emotions can get in the way, if you have access to a credit card it’s just easier to put it on the card and worry about it later, and when you add it all up after the holiday, we’re stressing ourselves over,” he said.
Eisner listed some options for individuals who might be looking for ways to save money this holiday season.
“For gifts, if you come from a big family and tend to do exchanges, why not draw names … or do something different, if you have a sister or brother with young children, maybe instead of buying a gift, why not offer them a free night of babysitting,” he said.
Preparing a grocery list is also important during this time of year, said Eisner.
“Again, very important to establish a budget, bring a list, and when you go to the grocery store work from the list only, and most important is to eat before you go because when you’re hungry it all looks good,” he said.
For 2022, Eisner said to start saving early by putting money aside every month.
“Put so much away over the next 12 months and you’re all set it’s a cash Christmas, so if you’re not prepared, if you’re a little behind that’s ok, you can still get a list, make a budget, and if you have to put something on the credit card as long as you know worst case scenario you can pay it back in a month or two.”
However, if the credit card bill gets ignored, Eisner added, “if you charged $600 to $700 on the card but by the time the interest accumulates over the time it takes you to pay it off it could turn into an $800 to $900 Christmas.”
Follow
