It’s hard to believe that in just 30 days, one of the biggest shopping days will be upon us. Friday, November 23 is Black Friday. But, before you get too excited, there are a few things you need to know to avoid the possibility of being in debt after the holidays. Financial investor Darren James shares some important tips on what you can do to stay debt free during the holiday season.
“Black Friday can be its own pitfall, although there are good sales out there, you know, a lot of people end up picking up something else that wasn’t on the list,” James said.
Once you have a budget, you have to stick to it. James shares ways that will make it that much easier for you to stay within your budget.
But, let’s be clear: He’s not saying you can’t attend those sales, instead, before you go to the stores, make your list, check it twice and see who’s naughty or nice. That way, your list is narrowed down to what you can actually afford.
“So let’s say that you wanted to spend $30 on me and give me a coffee gift card somewhere. It would actually mean more to me and I would probably enjoy it more if you just went and got me a pound of coffee. That might cost $10-15, so right there you’ve already saved half and I’m gonna enjoy that gift as much or more than the gift card,” said James.
So where do you start, now?
“Definitely first would be to determine what your budget is. Second would be to make a gift list and stick to it. Third is gonna be to look for sales and others ways you can save. Fourth is to use cash or debit card, it’s painful to see it come out of your bank account, so you’ll probably spend less. And five, enjoy Christmas, oh yeah and don’t forget, start saving again in January for next Christmas,” James advises.
James says for families, it’s not a bad idea to keep your kids writing those letters to Santa. But it’s an even better idea to sit with them as they make the list, so that Santa brings them not only the best gifts, but what’s affordable.
