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How Not To Pay For The Holidays All Year Long!
 

How Not To Pay For The Holidays All Year Long!

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How Not To Pay For The Holidays All Year Long!

How Not To Pay For The Holidays All Year Long!

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    How Not To Pay For The Holidays All Year Long! How Not To Pay For The Holidays All Year Long! Presentation Transcript

    • How Not to Pay for the Holidays all Year Long www.americandebtcounseling.org
    • About ADC
      • Non-profit organization, specializing in helping people to get out of debt without a loan.
      • We’ve helped thousands of people become debt free.
    • About us
      • Regardless of income everyone can benefit from ADC’s ability to get interest rates lowered or even eliminated, consolidate all bills into one easy monthly payment and reduce payment up to 60%.
    • Holiday Spending
      • 60% of Americans don’t have a holiday budget.
      • We find ourselves in January and February facing a stack of bills.
    • Holiday Spending
      • Don’t ruin another fun filled holiday season having to face the bills for all that stuff you didn’t mean to buy.
      • Resolve that this year you aren’t going to let the spending get out of hand.
    • Holiday Spending
      • If you do all of your holiday spending on a credit card you are apt to spend 2-3 times more once you figure in interest and finance charges.
    • Holiday Spending
      • On average consumers spend $1,220 on holiday gifts.
    • Holiday Spending
      • According to the American Bankers Association it takes 6 months to pay off holiday debt.
    • Holiday Spending
      • If that goes on credit cards it would take over 22 years to pay off and cost $2,600 in interest (assuming an interest rate of 18% and a monthly minimum payment of 2%).
    • Holiday Spending
      • To get out of debt put $225 a month towards credit from December to June.
      • From July to December put that money towards savings in preparation for the holidays.
    • Holiday Spending
      • Strategies for spending less and enjoying the holidays more.
      • Start the New Year without dreading those charge card bills.
    • Make a Spending Plan
      • How much did you spend last year.
      • Set a realistic goal as to how much you can spend on all of your holiday purchases this year.
    • Make a Spending Plan
      • There is more to holiday spending than presents:
      • Decorations
      • Clothes
      • Parties
      • Travel
      • Cards
      • Shipping
    • Make a Spending Plan
      • Start by imitating Santa.
      • Make a list of everyone you’ll be buying a gift for.
      • Write down what you can afford to spend on each person.
      • Total the amount.
      • Review feasibility. Know your limits
    • Shopping Strategies
      • Start shopping early.
      • Stagger your purchases throughout the year.
      • Shop with a list.
      • Be an educated consumer.
    • Shopping Strategies
      • Shop alone.
      • Avoid the influence of holiday hype.
      • Buy practical items.
      • Save receipts.
    • Credit Strategies
      • Don’t fall into the trap of charging your way through the holidays.
      • People spend up to 30% more when paying with plastic instead of cash.
    • Credit Strategies
      • Pay with cash, debit cards or checks.
    • Credit Strategies
      • Avoid miniscule monthly payments around the holidays.
      • Pay at least 2.5% of your current credit card balance each month.
    • Credit Strategies
      • If you have $1,000 in credit card debt with 17% interest and paying only the minimum it could take 12 years and cost over $900 in interest!
    • Credit Strategies
      • Shop with no more than 2 credit cards.
      • Use a low rate credit card instead of high interest rate department stores cards.
      • Avoid department store credit cards offering a one time discount.
    • Credit Strategies
      • Keep track of your holiday purchases.
      • Use a checkbook register to record all purchases.
    • Credit Strategies
      • Avoid credit card offers and increases in credit lines.
      • Avoid balance transfer traps.
      • Avoid “buy now pay later” offers.
      • Avoid “skip” payment offers.
    • Credit Strategies
      • When you’ve finished shopping, STOP!
    • Other Tips
      • Travel before or after to holiday rush.
      • When entertaining have friends/family bring food.
      • Focus on activities besides shopping.
      • Give the gift of time.
      • Make homemade or personal gifts.
    • Other Tips
      • There you have it an organized approach to this year’s holiday spending that won’t leave you with a credit card “hangover.”
    • The Holiday Gift Challenge
      • How to cut your holiday bills without feeling like a scrooge.
    • The Holiday Gift Challenge