4 is the right way to buy everything, but don’t get into debt during the Christmas sales.
Source: Fox Business
This time of the year is not only the most wonderful, but also the most expensive. A year ago, Americans spent an average of $ 1054 during the holiday season, and 15% of US residents are still paying off last year's debts. And now a new window of opportunity opens. How not to spend more than you want and can afford?
There are ways to save for holidays and avoid debts. Financial expert Chris Hogan gave some tips for Fox Businessto help you control your Christmas spending. “You don't want the holidays to drive you crazy,” the expert suggests. What do we do?
Stick to your budget
According to Hogan, it is highly desirable to allocate a fixed amount that you want to spend on anyone you plan to buy gifts. The specialist also suggests calculating how much you have already spent.
“Throughout the year, a lot of people went shopping and bought gifts for Christmas,” he says. "You should figure out what you have already bought and what you are planning."
Cash is essential - especially on holidays, when this form of settlement can help you control and understand your spending limits.
“If you're going to spend $ 100 on gifts for your brother at Christmas,” he said. "When that $ 100 runs out, you stop."
Avoid credit cards from shops
And now, you are ready to pay for your purchase. But as soon as you open the wallet, the cashier asks: "Do you want to get a credit card from our store and with it - an additional 10% discount?"
Hogan says that this is not a very honest trick, so do not give in.
“These are all tricks. It's amazing that they will offer you 10% on this day, but they will take 4% from you for each subsequent one. ”
Do not buy gifts for yourself
Hogan advises to keep purchases to a minimum.
“22% of Americans buy gifts for themselves when they go shopping to buy gifts for others,” he said.