9 Steps to a Debt-Free HolidayPosted on December 8, 2009

Step 1
Start early in the year by creating a holiday savings fund. If you deposit $20-$50/paycheck into a holiday savings fund, by the end of the year you will have extra money to spend on presents and other extras. This is a fairly painless way to save some extra money.

Step 2
Get a year-end statement from your credit or debt card company that categorizes your purchases. This will give you a clear idea of how you are spending your money and it may give you some possible ideas of ways you can cut back.

Step 3
Keep your eating habits under control. Holiday food can ruin your waistline and budget. Make inexpensive meals between the parties and family celebrations. Check online for coupons and promotions. Take your lunch to work or skip an occasional meal.

Step 4
Create a budget. Calculate how much you can afford to spend on gifts and charitable donations. Once you create a budget, stick to it. If you have a large family, suggest that you draw names and limit the cost of each gift to $20-$50.

Step 5
If you have accumulated reward points from your credit cards, spend them on gifts for the people on your list.

Step 6
Avoid dipping into your retirement savings plans or other savings accounts. This may be better than increasing your credit card debts, but both should be avoided.

Step 7
Be creative. Instead of buying something your friend won’t like or use, how about offering to babysit their kids while they enjoy a fun evening out. Handmade gifts from the heart are often affordable and appreciated by friends and family.

Step 8
If you have a low credit score, give yourself a priceless gift this holiday. Call Trinity Credit Services at 1-888-669-7372 for your Free Credit Report Consultation. Restoring your credit score can potentially save you thousands of dollars on your mortgage, car and credit card payments.

Step 9
Make it your New Year’s Resolution to take control of your finances. When you become a client of Trinity Credit Services, you will have access to our credit education information. Life is easier with excellent credit.