5 Ways to Escape Holiday Debt
The holidays can be a tough time for the entrepreneur and startups out there. All that gift giving and holiday cheer can put a lot of pressure on the bank account. Just because you’ve founded a startup doesn’t mean the holidays have to suffer.
Here are our top ways to avoid holiday debt this season:
1. Spending limit
In the same way you plan your expenses for your business, you should plan your expenses for the holidays. How much are you going to spend? How much are you going to spend per person? Make sure you stick within your price range.
2. Pad your account
During the few months before Christmas, limit your spending. It comes the same time every year. You can prepare. Don’t go out to eat as often. Don’t travel before the holidays. If you prepare a little early, you’ll be ahead of the game during the spending season.
3. Secret Santa it
You might go into the holidays with a list of names. But, if you have a list that you share with many people, think about drawing names out of a hat. Or, if you have siblings, consider pitching in to split the cost for parents and grandparents. It will help you stay within your holiday budget.
4. Shop all year long
Not all the best deals happen before Christmas. You don’t have to head out every Black Friday to find what you’re looking for. Over the course of the year, when you see the perfect gift for that someone on your list, watch it and grab it at a good price. Now, that doesn’t help you right now, so here’s another thing you can do: look for deals. With all the websites out there, you should be able to find what you picked out at a good price. Make sure you shopped around.
5. Don’t take your credit card
Shopping with cash is a great way to force yourself to stay within your budget. Shopping without the credit card keeps you honest.
How do you stay on budget during the holidays? Share your tips in the comments!
Posted on December 11, 2013, in Biz Tips, Entrepreneur, Small Business and tagged budget, credit cards, debt, debt-free, entrepreneurs, holiday budget, holidays, startups. Bookmark the permalink. 1 Comment.