Debt and the Holidays

Debt.

DebtThat four letter word can carry a lot of weight.

The holidays can add to the burden of debt if you are not careful. The great deals and lowered prices will encourage millions, if not billions, of people to spend more money than they can actually afford.

According to the American Research Group, the average American plans to spend $861.00 this year for Christmas.

That is a lot of money to spend if you have not saved for it, especially,  if you consider your regular monthly bills. The mortgage/rent, food, gas, utilities, student loan payments, and transportation costs do not stop accruing for the holidays.

A few tips you can use to stay on top of debt:

– Try to save ahead of time. Start small. A few dollars each time you get paid. Your savings will add up over time.

– Make a list of what you want to buy and stick to it.

– Shop around for deals. Look in the stores and online.

– Try to pay in cash and avoid the plastic whenever you can.

– Open your bills on time when you receive them. At least pay the minimum balance, but we recommend paying a little extra as often as possible.

 

Let’s end 2014 on a positive financial note!

 

* If you are really over your head with debt, research and consult with a debt management company.  They may be able to guide you in the right direction.

Photo credit: jesadaphorn | Freedigitalphotos.net

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