Here's how to stay out of debt this holiday season.
Start a savings plan:
Begin reducing expenses to improve your cash flow, said Shelly-Ann Eweka, a financial advisor with financial services firm TIAA. That means skipping some dinners out, weekend travel or other entertainment, she said — and "start as soon as possible." Once you've created a separate slush fund, consider keeping it going for next year. If you put away $100 to $200 a month, that can be your holiday budget for 2020, Eweka said.Write out a list of presents you plan to buy and other holiday expenses, such as a vacation or trip to see your family, then research prices and deals.
"When is the best time to buy that particular item?" said Jacqui Kearns, the chief brand officer at Affinity Federal Credit Union. "Planning is the key to all of this."Another great way to keep costs down is to forgo some big-ticket items, according to the experts. "It's a wonderful time of year to celebrate," said Kearns, but "you don't always have to buy something."And never feel pressured to buy something you can't afford, she added. "Stay committed to your long-term financial goals."
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