{"id":4400,"date":"2024-12-05T17:04:08","date_gmt":"2024-12-05T21:04:08","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=4400"},"modified":"2024-12-05T17:04:32","modified_gmt":"2024-12-05T21:04:32","slug":"jingle-bills-how-to-avoid-a-holiday-debt-hangover","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/jingle-bills-how-to-avoid-a-holiday-debt-hangover\/","title":{"rendered":"Jingle Bills: How to Avoid a Holiday Debt Hangover"},"content":{"rendered":"\n

The holidays are here, bringing that familiar urge to spend a little extra on the people we love. It\u2019s a good feeling\u2026until the bills arrive. If you’ve ever found yourself dreading your January credit card statements, you\u2019re not alone. With thoughtful planning, you can keep your holiday joy intact without taking on holiday debt.<\/p>\n\n\n\n

Start with a Holiday Budget (and Stick to It!)<\/h3>\n\n\n\n

It sounds like a buzzkill, however, creating a holiday budget is actually liberating. Instead of worrying about where all your money went, you can confidently enjoy the festivities, knowing you\u2019ve set boundaries. Make a list of everyone you plan to shop for and set a spending limit per person. Don\u2019t forget the \u201cextras\u201d (decorations, meals, travel expenses, etc.).<\/p>\n\n\n\n

As a rule of thumb, it\u2019s wise to aim to spend no more than 1.5% of your annual income on holiday expenses. For example, if you make $50,000 a year, try to keep holiday spending under $750. This percentage can be adjusted based on what\u2019s realistic for your situation. Having a target can be incredibly helpful.<\/p>\n\n\n\n

Cash or Debit to Curb Impulse Buys<\/h3>\n\n\n\n

Credit cards make it easy to overspend, especially when retailers make holiday shopping<\/a> enticing with promotions and discounts. Studies show that using cash or debit card reduces the likelihood of overspending<\/a>. If cash isn\u2019t an option, consider using a prepaid card specifically for holiday shopping. Load your budgeted amount onto the card and use it like cash. When it\u2019s gone, it\u2019s gone! It\u2019s a simple way to keep spending in check.<\/p>\n\n\n\n

Don\u2019t Get Caught Up in the \u201cBuy Now, Pay Later\u201d Trap<\/h3>\n\n\n\n

\u201cBuy now, pay later\u201d (BNPL) options have exploded. Services like Afterpay and Klarna offer small, interest-free installment plans that seem harmless, and these little debts add up. A survey by Credit Karma found that 38% of U.S. consumers who used BNPL services missed at least one payment, and nearly three-fourths said they saw their credit scores drop as a result. If you\u2019re tempted, ask yourself if you\u2019d buy the item outright if you had the cash in hand. If the answer is no, it\u2019s probably best to skip it.<\/p>\n\n\n\n

Get Creative with Gifting<\/h3>\n\n\n\n

Homemade or personalized items often mean more to loved ones than store-bought gifts. Put together a \u201cMovie Night\u201d gift basket, offer a “free night of babysitting” coupon, or create something if you\u2019re artistically inclined. These ideas cost less while allowing you to give something heartfelt. If you\u2019re celebrating Christmas with family, opt for a Secret Santa, so everyone buys just one gift instead of one for each person.<\/p>\n\n\n\n

Plan for Next Year<\/h3>\n\n\n\n

If this year\u2019s shopping is already underway, start planning for the next holiday season. Small steps, like setting aside $20 or $30 a month, can add up by the time next year\u2019s holiday season rolls around. You\u2019ll have a holiday fund ready to go, reducing the temptation to pull out the credit card.<\/p>\n\n\n\n

Bottom Line: Keep It Simple and Savor the Season<\/h3>\n\n\n\n

Remember that the holidays are about spending time with loved ones, not just spending money. Connect with your financial institution to see what resources they offer to support your goals this season. GreenPath Financial Wellness also offers free financial counseling<\/a> and a personalized Debt<\/a> Management Program<\/a> designed to lower your interest and help you pay down debt sooner.<\/p>\n\n\n\n

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