While there is no quick fix for credit card debt problems, we believe that spending only what you can afford is the key to get started. Creating a budget for holiday shopping is key to avoiding depressing debt.
San Antonio, TX (PRWEB) November 26, 2012
The importance of budgets cannot be stressed enough. Just ask Congress. It goes without saying that people who have weekly or monthly budgets are in a better position to manage their funds than people without a budget. Debt Consolidation USA wants to help consumers avoid debt problems during Cyber Monday and Cyber Week with budgeting tips that can help them get gifts for everyone on their shopping list and still stay within their means. Spending beyond one’s means is the fastest way to dig a deep debt hole.
To keep track of spending, consumers need to sit down and prepare a budget that should be adhered to by everyone. After all, the path to financial freedom starts with creating a realistic budget.
1. Start by asking yourself a few questions. Decide who you are buying gifts for - Kids, family, friends, and coworkers. Do they all need gifts? Can you afford to buy the latest iPad Mini or Nintendo Wii U? Are there less expensive gifts that will have more meaning?
2. Fill out a holiday budget worksheet or holiday spending plan. List out who will receive gifts and write out how much you plan to spend and what you intend to buy for each individual. This will keep you on task.
3. Start comparing. There are many Cyber Monday deals and coupon sites you can compare all the latest gadgets, electronics, clothing and household items. Spend some time doing research before buying. This can save you hundreds of dollars during the holiday shopping season.
4. Buy with cash, debit card or PayPal. One of the easiest ways to avoid holiday debt is to put the credit card away. Retailers are eager to sign you up for their credit cards with a promotional offer but when you don’t pay off what you bought by the due date, you get charged interest and wipe out any initial savings. Plus, buying with PayPal allows you to dispute transactions if there is a problem.
5. Buy only what is on the list. It is easy to get tempted to add a little extra gift in addition to the main gift you already purchased. These little extras can add up to a significant amount when you add them all up.
6. Complete your budget worksheet with how much you actually spent compared to how much you planned to spend. This will show you how well you did, whether you over or under spent or were right on track. The key to staying out of debt is spending within your means.
“Credit card debt has become an increasingly large problem for many Americans. The temptation to sign up for a 0% percent balance transfer credit card to save 10% on purchases can lead many into a debt spiral when spending more than they make,” says DebtConsolidationUSA.com spokesperson, Adriana Spears.
“While there is no quick fix for credit card debt problems, we believe that spending only what you can afford is the key to get started. Creating a budget for holiday shopping is key to avoiding depressing debt.”
With the help of a budgeting plan and a solid debt consolidation plan, consumers can find the relief they need to get control of their finances and still enjoy the holiday season with friends and family.