It’s Black Friday; the official start to the Christmas shopping season! Here are some useful strategies so you don’t end up with a nasty credit card bill in January:

Set a Budget. Without a plan or budget, most people will over spend. So before you go, prepare a list and how much you want to spend per person; this will force you to think twice before buying.

Use Cash Not Credit. By using cash for your purchases you will be able to keep track of how much you are actually spending.

Make a List. Sticking to a list will help you avoid impulse purchases.

Compare Pricing On-Line. Knowing which store has the best price will not only save you time at the mall but it will help you avoid paying too much.

Set Boundaries. Whether you have a lot of people on your list to buy for, or you’re on a limited budget, talk to your family and friends about setting limits to control expenses.

Keep Track of What You Spend. Do you know what you have spent so far? If not, view your up-to-date statements on-line and make a list of your purchases; if you have paid cash for some things make sure you add those expenditures to your list as well. Be detailed, and don’t forget to include the cost of hosting a holiday dinner, cocktails with co-workers, wrapping paper, gift bags and treats.

Set yourself a reminder in January. After the holiday season is over add up the total amount you have spent, divide it by the number of pays you will receive in 2019, and start setting aside a Holiday Fund for next year.

And remember, some of the best gifts are not costly. Spending time together and enjoying affordable activities like skating, sledding, holiday festivals or simply going for a walk to view the neighbourhood light displays create wonderful memories.

Furthermore, avoiding a huge credit card bill in January could be the best Christmas gift you ever give yourself!

Happy Shopping!

Tracey

 

 

Source: Original article posted on Advisor.ca by staff, 12-11-13 MT 22-11-16,MT11-22-17

Image courtesy of aechan at FreeDigitalPhotos.net