Credit cards have become a way of life for many of us and if we are not careful, it can become a life filled with debt as well. The economy has left many people in a bad situation financially and adding charges to the credit card does not help. By implementing the steps below, we can purchase nice gifts for friends and family without charging any of the expense.
Step 1: Establish a holiday gift budget. Add up the amount of planned spending on gifts and food expenses for holiday feasts. Divide this number by the number of days left until the money will be needed. This will tell you how much you need to save daily or weekly.
Step 2: Establish a Christmas account at the local bank or credit union. Fund it through automatic payroll deposits or deposit a check for the appropriate amount into this account. Christmas accounts can be funded all year long so plan accordingly.
Step 3: Buy gift certificates throughout the year and use these to shop for gifts. You can then purchase the desired items when they are on sale during the year, rather than at peak prices just before the holidays.
Step 4: Work extra hours, do odd jobs, or get a seasonal part-time job. There are a lot of ways to supplement the income to earn extra money for holiday spending.
Step 5: Put away a few dollars per day. No one ever thinks about it or realizes it, but if you put one dollar a day away for an entire year, you will have $365 to spend on holiday gifts. Even more, if you put away a few dollars each day.
Step 6: Find unique ways to give gifts that do not involve spending a lot of money. Give baked goods, make crafts like holiday pillows, or set up a pollyanna with friends and family so you only need to buy a few presents.