Friday Financial Tidbit-Don’t be paying for Christmas in April!

If you went out shopping for Christmas this morning or are planning to go out shopping later today you were not alone. About 44% of Americans are planning on shopping today. Christmas is a fun time of the year and is one of our most popular holidays. It is easy to see why; who doesn’t like to give gifts to our family and friends? While that is fun and all, getting that credit card statement in the mail the next month can definitely put a damper on the Christmas season.

So instead of having buyer’s remorse why don’t you try something different this year and pay for Christmas with cash? Sit down sometime this weekend and make a list of everyone you will be buying for. Then assign a dollar amount that you would like to give to each recipient.  What you have just done is create a budget for your Christmas spending. Then when you go out shopping, pay for your gifts with cash, not credit, which will force you not to over spend. This also ensures that you will not be making payments for Christmas into April!

Gift giving is fun, but it is not fun to pay on them after you have given them. So while everyone else is putting their shopping on credit cards, 90 days same as cash, and “easy” financing this year, why don’t you be weird, set a budget and pay for your Christmas up front! That way on Christmas morning you can actually enjoy your gifts being opened instead of wondering how you will pay for them.

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