It’s easy to think that when you enter a Debt Managment Plan that all extra spending has to be cut out. That doesn’t have to be the case! You can still have a great holiday without jeopardizing your DMP benefits.
You don’t necessarily have to skimp on buying Christmas gifts when you are living with a debt management plan; you just have to practice some smart shopping and budgeting. There are plenty of ways to maintain holiday cheer and purchase affordable, yet still memorable, gifts for friends and family. Here are a few tips for holiday spending while upholding your debt management plan.
•Budget! Flesh out a budget concerning your holiday spending and stick to it. Realize what you can afford to spend on gifts and what you can’t, and prioritize accordingly.
•Make a list and check it twice, heck, check it five or six times. After you have drawn up a budget for your holiday spending, make a list of gifts and supplies that you can afford now. This will make sure that you don’t give in to any unnecessary impulse buys that will have you staying up nights worrying about bills come January.
•Compare prices. There are a slew of price comparison sites online that can help you get the best deals on the gifts you want. Make sure you do your research on the gifts in your list to ensure that you get the best bang for your buck.
•We don’t recommend you use your credit card for Christmas spending. But if you do, make sure that you can afford to pay off what you owe before interests starts accumulating, this is why you needed to get on a debt management plan in the first place.
•Stick to the essentials. The essential Christmas goods aren’t too pricey to begin with. You don’t need to empty your wallet to enjoy Christmas.
Remember, spending money isn’t what the season is about. Get creative by baking cookies, making your own gifts or by just spending time in with friends and family.