Tips for Avoiding Holiday Debt Accumulation with Eric Palmer of Brokers Alliance
Mar 14, 2016
For many Americans, the holiday season is the time of year at which sticking to a budget is most difficult. Whether it’s extra gifts, holiday travel, or huge grocery bills, it’s easier to spend more than you plan during the season of giving and family reunions. Rather than deal with the post-holiday debt blues for the first few months of next year, avoid accumulating holiday debt altogether with the helpful tips offered by Chief Marketing Officer Eric Palmer of Brokers Alliance in this informative video clip.
Budget for the Holidays
If experience has proven year after year that the holiday season is more expensive than you plan for, budget differently this time around. Look at statements from last year to see how much you spent on décor, food, gifts, and travel. Use these sums as a base for your budget, and give yourself as much buffer as you can for unplanned purchases and other unexpected holiday-day related expenses. If you want to have a blowout holiday experience,
Watch Expenses You Can Control
Without increasing your income, the best way to maximize your holiday budget is to curb the expenditures you can control. Eric Palmer suggests making your own morning coffee rather than stopping at a café on the way to work every day and paying five dollars for your morning joe. If you go out for dinner three nights a week, you could cut that down to once. If you smoke tobacco and decide to stop, you might grow your expendable income enough to pay for the holidays in their entirety, simply by avoiding unnecessary expenditures.
Use Apps and Helpful Tools
Smartphone and tablet apps like Acorns, Home Budget, and Mint can help you outline and stick to a budget. Some of these financial planning tools alert you if you’re approaching your budget in a category for a certain month. Others will monitor your spending and make recommendations for where you might be able to cut back so you can save more money. Others offer invaluable investing advice.
With the help of a few apps and a bit of discipline, we believe you have what it takes to make it through the next holiday season debt-free. If you do wind up with a bit of credit card debt following the holiday season, you can keep it from piling up by forgoing even more of those unnecessary, or “luxury,” expenditures. Austerity is not fun, but it is an effective strategy for debt freedom. The less high-interest debt you have now, the more you can invest in your retirement. The more capital you have when you retire, the happier and longer your retirement should be.
If you plan to automate your home or surprise your family with a private home theater when the holidays roll around, Integrated IO® provides the services you need. Our prices are fair, and the quality of our service is top-notch. Call (480) 836-1446 to learn more about how we can enhance your holiday experience without driving you into debt.