The holiday season can be a hard one, especially if youre a college student. First of all, you probably dont have the greatest job in the world, so youre not going to be able to spend a lot of gifts. Second of all, if you dont have enough money, you may resort to your credit card and this is where the big no-nos start.
Its important to realize that when you dont have any money, you shouldnt resort to your credit card at all. This means that even though its Christmas, youre going to have to be a lot more creative with your gifts. You shouldnt go out and buy your brother that sixty dollar game when you only have twenty in your bank account. If you do have a little cash to spare during the holiday season, then we can help you spend that money wisely so you dont end up near that debt ledge.
Think of a budget
Before you even start spending your money, write down every persons name that you want to buy for. Next to their name, note a little price that youre willing to spend on them. This way when you go out to buy the gifts, youll know exactly what you can spend on each. Make sure that you stick to this budget. If you tend to go over, you may spend more than you want to and this is what leads people to debt.
Instead of going out and buying that expensive video camera, you can think of something a lot more creative that will cost probably eighty percent less. There are plenty of good gift ideas out there if you put your mind to it. If you dont have a creative mind and you would rather just buy the expensive gifts, this again can cause you to spend more than what you can handle.
The holidays are about the spirit of giving but you also have to make sure that youre not buying for too many people. A lot of the times you may feel bad if someone gives you a gift that you never expected to get one from. Think of what others will think if you give them a gift and they werent expecting it. Its usually best to keep gifts to your immediate family and your very close friends. If you do this, you shouldnt have to worry about buying things for people that wont give you anything.
Prepare for the next year
This sounds stupid to a lot of people but after Christmas, its usually the best time to buy a lot of items. People tend to return a lot of open box items that still work. Since the retailers cant sell them for the full price, they will usually set them on a table for half the price.
This is when you can come in and buy these great bargains. If you see something someone might like, you can always save it for next year.
Staying out debt during the holidays is only hard if you make it that ways. Its important that you budget and make sure that you stick to it. If you can follow these steps, the debt path will never come your way.