How to Make it Through December Without Going Into Debt

On Black Friday every year the best sales are around. At my local Best Buy this year, people camped outside in the cold and waited as much as 34 HOURS to get in the door on Friday morning. The way I look at it, I'd rather spend more money than to have to deal with the crowds, finding a parking space, and dealing with all those rude people grabbing for items. Some are just so concerned with saving money. (And with good reason). I'll give you some tips on how to get through December without going broke.

Prepare

I can't say it enough. Most of the people who have money woes during December have them because of a lack of preparation. When do you usually do your Christmas shopping? Black Friday? Between December 1st and December 23rd? Or do you wait for the last minute and go out on Christmas eve? I've done all of those things in the past but do you know what I do now? I get the bulk of my Christmas shopping done by the end of October. If I'm temped by a Black Friday deal, I buy the item on line. Prepare! I do layaway too earlier in the year.

Put Some Money Away

When I was a child, I recall Mom and Dad having a Christmas club at the bank. Every payday during the year, they would take a portion of their check and deposit it into the Christmas club. This ensured that they had enough money for the Christmas shopping. If you or you and your spouse can collectively put away two hundred dollars a month starting in January, you'll have two thousand dollars PLUS interest by November 1st. Depending on how much you plan to spend on Christmas, you can put away just one hundred dollars a month starting in January and have one thousand dollars by November 1st. Just sit down with a calculator, and work out a commitment of how much money you or you and your spouse are going to put away each month or out of each paycheck. It's easier to shell out one or two hundred dollars a month for ten months than it is to come up with one or two thousand dollars all at once right?

Don't Use Credit Cards, Don't Take Out a Loan

Many will disagree with me on this but Credit Cards of the essence of evil in my opinion. Sure you can slap down your Visa or MasterCard for all of your Christmas shopping and keep from going broke in December but then you'll end up going broke in January and/or February.

Lastly, if times are tight for you and your family, you may have to have a sit down with the kids and explain things a bit. Or you could just buy for the kids. If you prepare, put some money away, and stay away from the loan department and the credit cards, you can easily get though December without going into debt. Good luck and happy holidays.