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"It’s the most wonderful time of the year" proclaims the popular holiday song. But wouldn’t it be even more wonderful if this holiday could be debt-free as well? Imagine a holiday season that is more carefree and relaxed because you’re not incurring any new credit card debt. Sounds good, but think it’s impossible? Here’s some good news: it IS possible, if you’re willing to make a few changes first.



Change #1 - Cutting down your Holiday list- This change will be the hardest, no doubt about it. You’ll have to make some hard decisions about who will stay and who will go, and that is never easy. But keep this in mind: the friends and acquaintances who have received gifts from you in the past may have enjoyed receiving them, but they also didn’t have to pay the debt card (I no longer refer to them as credit cards) bill you got in January. If you are already on a tight budget as it is with regular monthly bills, why would you want to make it harder on yourself by adding on new debt card expenses? I certainly wouldn't.

If you’ve been spending on a large group of people besides immediate and extended family members, simply explain to them that due to financial concerns, you’re cutting way back on holiday spending this year and that they’ll have to settle for a nice card instead. Some of them may grumble but, as one of my favorite sayings goes, let ‘em squawk. Their griping isn’t your concern, not if you want to reach your goal of a debt-free holiday. Your real friends won’t have any problems with your decision, since they might have had to make some tough spending cuts themselves.



Change #2 - Determine what to spend on each gift, even if the amount is smaller- Despite the constant commercials from upscale retail chains that bombard us with "bargains" of $99 – or $199 – jewelry or other gift items, there is no hard and fast rule that we must spend these amounts. The rule set by the store doesn’t count. Confused about how to begin? Cheer up, it’s not as hard as you think.

First, you make sure all the monthly obligations are paid and out of the way. I’m talking about the essential ones: rent or mortgage, utilities, phone, cell phone if you have one, and transportation. Make sure you don’t neglect your monthly grocery allowance, either. If you know what your average grocery cost is per week, multiply the approximate cost by four, since there are four full weeks in each month, and make sure you have that amount set aside. You do not want to be doing without food because you’ve spent too much on gifts. After you’ve paid or budgeted what you need for monthly expenses, you are ready to begin.



Change #3 - Decide where you’re going to do the majority of holiday shopping- If you want to keep your costs low, you need to avoid the high-priced department stores. By all means go there if you just want to check out their holiday decorating, or to get new gift ideas. But spend your money at locations where you’ll get more bang for your bucks. Good places to look for lower-cost items are chains like Target, Kmart, and most dollar stores. Some store chains are only available in certain geographical areas, but here in Virginia, we have a chain called "Tuesday Morning." They have some excellent prices on holiday decorations, gift items, you name it. It is definitely a must-see if you have one in your town.



Change #4 - Limit the gifts for the kids - This is another hard decision to make, especially if you haven’t been too strict on setting gift limits on your children before. But even though the kids may groan a bit, you can remind them they are still getting presents, just not as many, and probably not as expensive. If you haven’t started doing this already, start teaching your children the value of money by