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7 Tips to Help Debt Proof the Holiday Season

While you might begin your holiday shopping with the intention to not spend a huge amount of money and go into debt, the excitement and the rush of the season combined with the spur of the moment entertaining and outings seem to always get the best of your money. This year make a reasonably budgeted holiday season a reality in order to avoid spending money that you donق€™t have. Here are seven ways to debt proof the holidays and stay within your budget.

Cash In Your Rewards

You may not be aware that your debt or credit card purchase can accumulate a substantial amount of points that you can put towards gifts and other holiday purchases. Before you start your Christmas shopping spree, set some time aside to call a customer service representative or look at your credit cardق€™s website in order to look at your current credit card reward balance and the ways that you can redeem and earn rewards. For example, many creditors will let you redeem points for merchandise or gift cards that you can gift to others. Just make sure you place an order several weeks ahead of time so that youق€™ll have it in time for the holidays.

Be Creative

If your whole family is on the same page of spending less money than thatق€™s great and can help you save a substantial amount of money. For instance, you can get your family to draw names so that you only purchase and receive one very meaningful present instead of a bunch of smaller less meaningful ones. Another strategy is to only purchase gifts for your kids or instead of buying presents; you can go on a family trip. You can also opt to give an experience instead of a present such as giving your family coupons to different things like massages and babysitting.

Donق€™t Wait Until Last Minute to Plan Your Travels

Unlike the slew of sales that go on between Thanksgiving and New Yearق€™s Day, hotels and airfare usually are much less expensive the further away from the Holidays you book. Once youق€™ve figured out your plans begin shopping for the lowest prices on a hotel room and airline tickets. Itق€™s a good idea to look at travel websites like Travelocity and Expedia for the best hotel deals and flights. Also keep in mind that smaller airlines like Southwest donق€™t post their flights on discount websites so make sure that you check out there website directly.

Save on Food

Why should the host of a huge family get-together have to pay for all the food? Instead put on a family potluck and get creative with a theme in order to make it fun. Ask all of your family members to bring a traditional dish or plan a less expensive family gathering such as a pancake breakfast or coffee bar. Another tip is to purchase less expensive wine and put it into a fancy decanter. No one will notice the difference!

Be Picky About Where You Shop

This is just as important as what you put on your holiday shopping list, as where you buy something can make a huge impact. If you avoid last minute shopping then you can take the time to comparison shop in order to find the best prices on items. Prices vary significantly from one store to another and from month to month, and so keeping on top of which stores have the best deals is key. Stores usually cut prices by 10 to 25% during the holiday season on such items like winter clothing, decoration and gifts. As Christmas gets closer you can even find holiday items marked down as much as 40%.

Cash Only Policy

If you have trouble overusing your credit card, especially during the holiday season then a cash-only policy can be a great way to stick to your budget. A smart way to make some funds available is to cut back in other areas, such as your grocery budget. You can easily do some shopping in your freezer and pantry for a couple of weeks instead, and make meals with the food products that you already have. Ensure that you only take cash with you when you go holiday shopping, and youق€™ll find yourself a totally different shopper who is more aware of how much money theyق€™re spending.

Hold On To Your Receipt and Adjust Prices

The majority of stores will give you at least two week to claim a price adjustment. This means that if your purchase a product that goes on sale, you wonق€™t need to chalk it up to bad luck. Instead, you can return to the store with the itemق€™s receipt and theyق€™ll give you credit for the difference. Keep in mind that policies and time frames vary from store to store. Additionally, your credit card could offer its own price fluctuation policy, so itق€™s worth looking into. For example, MasterCard holders enjoy the benefit of getting refunded the difference if they locate a lower price. Citi cardholders will also enjoy this benefit through the Citi Price Rewind program.