Holiday Savings
The holiday season is a time of celebration and joy, but also can be a source of financial stress. Holiday meal, entertaining and gifts all have the potential to put us in a large amount of debt that can put a damper on our holiday fun. Let us remember to spend wisely this season and make the new year a success!
When shopping for meals, make a list of what is needed for lunch and stick to your list. Always use coupons and shop for deals at the grocery store. If someone offers to bring a dish, or help prepare, say yes! It will benefit your wallet and mental health to accept help when offered.
If you have decided to give gifts this year, consider starting a cheaper tradition such as group outings. Gifts are not always necessary for the joyous celebration. If you decide to buy gifts, cut costs by organizing a gift swap. Consider spending less and make your gift more meaningful.
When buying in person, try using debit or cash. When shopping online, always use a credit card. Remember, you have the option to view your statement before paying anything. Always spend within your means and take advantage of sales.
In short, make your goal this holiday season to ring in the new year with no new debt. Consider the tips below.
Did you know?
- Interest adds up! $ 5,000 balance at an interest rate of 15%
- Total charges: $ 5,000
- monthly payment: $ 250
- Payoff time 24 months
- Total debt paid: $ 6,000
- the National Retail Federation reports Americans spent an average of $ 730 in gifts, food, decorations and other purchases holiday-related in 2013 .
- 15.4% of retailers in 2013 began sales of holiday 1st October (Statista).
Tips for Debt Free New Year
- Open a holiday account to a union or bank [1945009crédit] Start shopping early for spread the cost over the year
- Within months of your salary in months
- Build an emergency fund
- Repay debt deferral correctly
- Move to a cash flow based spending
Sources: Stephen Hannan, Statista, LifeWork EAP strategies and Adventist HealthCare. The Health Council of the week is for educational purposes. For medical advice, consult your doctor. Feel free to copy and distribute this health resource.
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