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How Preparing Financially Can Help Prevent Holiday Debt

With the holiday season here, you can easily find yourself in holiday debt if you aren’t careful. The good news is there are plenty of ways to prevent this from happening! With just some work and a close eye on your finances, you can still enjoy the holidays without going into debt. Keep on reading to discover a few tips on how to avoid spending more than you can while still having plenty of fun this festive season.

Here Are 6 Ways To Avoid Holiday Debt

1. Set A Limit

First things first, you have to make a list of all your holiday expenses and then determine the amount that you’re actually willing to spend. Don’t forget to write down not only the gifts that you want to buy, but also include travel, entertainment, food, and even wrapping paper. After that, prioritize your expenses. For example, you might want to spend more on travel this year instead of investing too much in decorations or cut back on different social commitments to have a larger budget for gifts.

2. Use A Cash-Only System

Now that you know the approximate amount that you can spend on the various categories from your list, make sure that you have the necessary sum in your wallet. Paying with cash for the majority of your expenses will help you start actively thinking about how much you're spending. As a result, you’ll be more in control of your finances and you will definitely avoid overspending – as long as you keep your credit card at home.

money from Christmas fund

3. Track Your Spending

It’s extremely easy to get distracted during holiday shopping. This is why it is important for you to start tracking your spending. A money management app is a tool that will help you stay on track. Some allow you to type in your expenses so that you can see where your money is going. Others will alert you when you get close to your spending limit. All these simple tricks can help pull you out of the whirlpool of sales and colorful trinkets.

4. Use Coupons

You’re buying a lot of stuff anyway, so why not try to find the best deal while you are shopping? If you’re shopping online use a browser extension (like Honey) that will find the best coupon codes for you and then apply them at checkout. In case you prefer shopping offline, download Flipp – the app allows you to search for the best deals. Either way, there are plenty of coupons and deals out there that can help you save some money while you are shopping.

5. Sell Items And Use The Profits To Shop

You might manage to not only avoid holiday debt but also savings depletion if you decide to spend only the money that you were able to make by selling unnecessary items. If you have an old mobile phone lying around, clothes that you haven’t worn for over a year, outdoor equipment, and any other things you don’t really use, list the items on eBay or Amazon. Remember, just because you may not use the item anymore, doesn’t mean someone else won’t find use in it.

6. Redeem Your Credit Card Rewards

In case you have rewards cards, don’t forget to check your cash-back balance. If your card offers such rewards as miles or points, you might be able to trade them in for gift cards or even cash. All these bonuses might help you cover at least a portion of your holiday spending. This can be true if you get miles because this can greatly reduce the price of a plane ticket. All of these things can aid in you spending less this holiday season.

When To Take Out A Title Loan?

As much as these six options can help you save money and avoid holiday debt, all your efforts can be for nothing when you are suddenly hit with an emergency. An urgent medical bill or higher-than-usual utility bills can easily make your carefully allocated holiday budget go down the drain. The good thing is, instead of dealing with these expenses alone, you can get a title loan with us at Southwest Title Loans to help you out by using your vehicle’s lien-free title as collateral.

With a title loan, you’ll be able to take care of the emergency in a short timeframe without changing your festive plans. If you have a vehicle with a lien-free title in your name and you’re over 18 years old, you might qualify for up to $15,000 in just 30 minutes. We are committed to helping to get the money that you need quickly. In fact, you wouldn’t even have to come to the store – our agent will arrive at a location that has been chosen by you to inspect your vehicle and verify your title.

man tracking his holiday spending

Prevent Holiday Debt Right Now!

If you manage to follow the pieces of advice that we have shared above, you will definitely be able to prevent holiday debt. But, unfortunately, disasters do happen, and if at one point you find yourself in desperate need of extra cash, a title loan from Southwest Title Loans might become your way out of the challenging situation. So, what are you waiting for? Fill out the short inquiry form to get a step closer to receiving the fast cash!


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.

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