November 27, 2023
Managing Holiday Debt
The holidays are a time of year we prepare to spend money for. Do we prepare to go over budget, though? No. Does it happen? Yes. Here are a few different solutions to help relieve you of some financial stress this season and start to pay off holiday debt, too.
• Make lists. Like a grocery list, determine what you will be gifting to friends and family before shopping; that way, you don’t overspend on items you hadn’t planned to purchase. Writing stuff out always helps to release energy and note any to-dos taking up headspace, too.
• Limit credit card use. To stay within budget, withdraw only the money you have allocated for gifts. If shopping online, set up account alerts. Account alerts is a feature many financial institutions have available in their online banking platform. They will notify you if you spend over a specific threshold on your card to help you stay within budget.
• Learn more about balance transfers. Save money by transferring higher-rate balances from other qualifying financial institutions to another credit card. Our credit union provider has a great solution, and subscribers are automatically eligible for membership. Learn more.
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