Holiday Credit Tip 1: Make a Budget

It’s that time of year again – holiday entertaining, buying and exchanging gifts, and planning holiday travel. With all these festive celebrations can come financial stress, especially if you spend more than you can afford. This year, don’t get yourself into debt with your holiday spending.

To get started, look back at last year’s holiday spending. Did you spend more than you can afford? If so, in what areas – like travel, gifts, and entertaining – can you cut back this year? Make a list of your spending goals and set specific limits for each category.

And most importantly, take a look at your overall financial situation and obligations, including monthly payments like credit cards and rent. Only by making a budget will you know what you can afford to spend this holiday season without accumulating debt.

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