According to a recent survey, 21.5% percent went into debt over Christmas in 2019. Are you financially prepared for Christmas? In this episode, we consider five ways you can ruin your finances over the holidays and provide some practical tips to avoid them all.
Here are the questions we answer:
Question 1: What is the best savings vehicle to start putting aside money for future weddings?
Question 2: If there is money left at the end of the month, do you suggest putting an additional amount in savings or use it as an additional principal payment on our mortgage?
How to ruin your finances this Christmas:
- Don’t plan.
- Feel obligated to get everyone a gift.
- Go into debt for Christmas purchases.
- Wait until the last minute to purchase gifts.
- Pull back on your financial generosity to your church and others.
Practical money tips for Christmas:
- Get a budget.
- Find cost friendly gifts.
- DO NOT GET A STORE CREDIT CARD!
- Give yourself time to find wallet friendly, but good gifts.
- Be intentional about your generosity this Christmas.
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