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Holiday Edition: Credit Cards & Gift Giving

Natalie Torres

In part 1, I listed 5 ways to pay off your credit card debt, but with the holidays just around the corner and gift giving on your mind, it can be tempting to fall off track. Here are my helpful tips to stay on track pay it down and be OK with the holiday spending.

First, you will want to make a commitment to yourself and to your loved ones that this year you’re focusing on paying down that credit card. Don;t worry, they will understand.
Second, do not add charges to your card. I recommend taking it out of your wallet and in a drawer. Instead, start using cash, which may be difficult at first but, but that’s the point; it harder to part with cash so you will be more mindful of where it’s spent. Your goal is to pay more than the minimum amount every month and whenever spending cash it will allow you to stay on budget.
Before you go shopping, here are some tips to consider:
1. Create a gift budget and challenge yourself to stick to the minimum.
2. Make a list of what you need to buy and for whom.
3. Combine DIY gifts with inexpensive store-bought items. For example, spa items, soaps, lotions, special ornaments, baking supplies, cookies etc.
4. Don’t wait to go shopping last minute because there are hardly any discounts to take advantage of.
5. Pay in cash and once it’s gone no more spending!
6. Keep all receipts and track all your spending so you know how much you need to budget for the following year.
7.   If you have some storage space you can buy items for the following year after the holidays. I love doing this myself because I get up to 90% off at my favorite stores like Michael’s and Hobby Lobby.
It can be hard to budget during the holidays especially when you want to show your love to your family and friends. However, your time, undivided attention and thoughtful gifts are worth more than any expensive gift you can buy.

We here at Educated Latina hope you have a joyful Christmas!!


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