7 Easy Ways to Avoid Holiday Debt

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

The holiday season is a fun time – but not so much for our wallets. The average person spends over $700 on gifts during this time of the year, and that doesn’t even account for food, travel, and other expenses. For many of us, debt is as much a holiday tradition as decorating the tree or building a snowman.

It’s hard to resist the urge to splurge around this time of year, but these seven tips from American Investment Planners can help keep you in the green:

1. Set a budget. Setting a budget is a consistent theme in all matters of finance; holiday shopping is no different. Find out how much you can afford to spend, set a limit, and stay under it.

2. Plan a gift exchange. Instead of purchasing smaller gifts for everyone in the family, a gift exchange will allow you to splurge on just one person.

3. Shop smart. Look online and compare several retailers to ensure you are getting a good deal.

4. Use gift cards. Maybe you have a stack of gift cards from past holidays burning a hole in your wallet. What better way to use them than purchasing a gift for someone else?

5. Save on your travels. If you are spending the holidays out of town, the cost of traveling can easily match or exceed the cost of your presents. Make sure you are actively seeking out the best deals on flights, rental cars, etc.

6. Be aware of your credit card rewards. Many credit card companies bolster their reward offerings during the holiday season. See if your cards can help you trim costs on travel or gifts.

7. Host a potluck dinner. Your grocery bill can quickly add up if you are responsible for the family feast. Encouraging every member to contribute just one food item can significantly lighten your load.

Looking for more ways to save during the holiday season? Check out these 15 tips from U.S. News Money.

American Investment Planners offers smart financial advisement solutions to homes and families across the country. From college savings funds, to retirement planning, to asset management and more, our comprehensive services will help you meet and exceed all of your financial goals.

To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.