Ten Commandments to Avoid Christmas Debt
With the coming Christmas, we often find ourselves being caught up with the expenses resulting from the celebration of the event. But going through Christmas need not necessarily make you go broke and in debt.
The following are the ten commandments to follow to go through the Christmas debt-free (blasphemy not intended):
Thou shalt save up
You cannot spend something you have not earned. Save up first before spending. For a meaningful celebration such as Christmas which may tend to be costly, saving up weeks ahead is a must.
Thou shalt not borrow money from others
Family or friends may be generous in lending you money as needed, but this is a habit you must refrain from for this coming Christmas. They, too, will have their own expenses for the coming event. Avoid yourself from borrowing money from anyone, family and friends alike.
Thou shalt not spend more than what you had saved
Do not spend more than what you managed to have saved up. This means not using other sources of income when paying for something that exceeds the budget. Maintain on the budget.
Thou shalt not used your credit card
Credit card is basically a loan. Every penny you spend with it are a portion of the penny plus the actual penny must be returned. Loan is also a means of debt.
Thou shalt spend only within your means
Ignore the expensive gifts if it does not fit your budget. Spend only on those you can immediately pay for.
Thou shalt go practical
Apply on budgeting techniques that actually works for you rather than theorizing only about it.
Thou shalt plan in advance
Christmas is not something that happen without your notice. Look into the calendar and plan ahead in advance on how you’re going to save and prepare for it.
Thou shalt make a list of your Christmas expenditures
The Christmas celebration is not limited only to foods; gifts are a necessity in the event as well. As each gift requires spending, make a full list of people whom you will be giving gifts to. Include also the list of foods you will be buying for the event.
Thou shalt not buy on impulse
If the item is not part of your list of expenses, ignore on it regardless of how tempting a buy it is. Unless you have a lot to spend and not on the budget, buying on impulse may deeply affect your overall Christmas budget.
Thou shalt be mindful of thy income
Everything of what were already mentioned may be futile without knowing your income. With great importance as the rest, be mindful of your income, that is, being able to set aside savings from actual daily expenses.
Going through a debt-free Christmas may not be as hard as it seems than some would take it. So long as you have a mindset willing to prepare for the celebration and the means to facilitate on it, Christmas will be as joyful and happy as it should be.