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Unfortunately for many, it means lots of debt. Here are some tips for tackling holiday debt.

Tips for Tackling Holiday Debt

The holiday season is an exciting time of year for many people. It’s a time to spend quality time with family and friends, enjoy delicious food, drink eggnog by the fire, and exchange presents with loved ones! But it can also be a stressful period for some people because they often overspend during the holidays. This article will provide tips for tackling holiday debt so you can have peace of mind this holiday season.

1.) Make a holiday budget

The first thing you should do to avoid overspending during the holidays is to establish a holiday budget. An excellent way to accomplish this is by using a spreadsheet, or if you prefer, there are many great budgeting apps available for free on your smartphone. You can use any of these methods to set aside money each month and track your savings until you reach a sufficient amount to cover all of the items on your holiday shopping list.

2.) Monitor your credit report and score

Another great way to avoid overspending during the holidays is to monitor your credit report and credit score, which can be done for free through various platforms. If you have high balances on any of your credit cards, it may be a good idea to talk with your credit card company about temporarily raising your credit limit for this holiday season. You can also do some research on the best 0% balance transfer cards available. If you are planning to get a loan or apply for any other type of credit during this time, make sure that you know how it will affect your score. If you have a low credit score, it might be a good idea to put holiday spending on a debit card instead of a credit card. That way, you won’t rack up any unnecessary debt that can hurt your credit!

3.) Use a debt calculator

A credit card debt calculator is another great tool that can help you avoid an overwhelming amount of holiday debt. You can use a debt payoff calculator to estimate how many months it will take you to get out of debt. This method doesn’t only work for the holidays spending, but debt accrued at any point during the rest of the year. 

4.) Make a list of people to shop for & items to buy

Make a list of all the people you want to buy gifts for so that you have an easy reference. This will help prevent overspending because there is no chance that you’ll forget anyone! Also, make sure that you write down exactly what you plan to buy for each person so that you avoid making impulse purchases.

5.) Spend time with loved ones instead of shopping

Instead of spending your entire holiday season shopping at big box stores, take some time to enjoy the company of family and friends! You can have a fun outing that doesn’t involve shopping by seeing a holiday play or taking a holiday-themed road trip for some sightseeing. Make sure that you pick an outing that won’t cost much money, though! You should also check out the Livify app to find fun events happening in your city.

6.) Shop online

Many people have great success shopping online because so many websites offer free shipping and free returns. This makes it easy to return unwanted items without much hassle, which can save you a lot of money in the long run. Also, if you are worried about getting ripped off by an online vendor, make sure to stick with websites like Amazon that offer free return shipping for specific vendors.

7.) Don’t make your kids buy gifts for their friends

If you want to avoid overspending during the holidays, it is best not to have your children shop for their friends. Instead, have them draw names so that they are only responsible for buying one gift. This will help your children become more thoughtful in their gift-giving choices because they’ll only be thinking about the one person they are buying for. This will also prevent them from spending more than what you allocated for their gift budget, which can help reduce stress on your end.


If you follow these tips, you’re sure to be able to avoid overspending during the holiday season! However, if you are already in debt or have bad credit, it may be a good idea to contact a credit counselor for advice. They can help you get out of debt fast so that next year will be much easier on your wallet!