Want to keep this holiday season merry? Consider sticking to your budget.
But that doesn’t mean you need to be miserly and skip the holiday decorations. Instead, consider some small space holiday decorating tips that are light on the wallet, and make a plan for Christmas shopping.
Seneca College professor and certified financial planner Sam Albanese suggests keeping a list and checking it way more than twice when it comes to holiday purchases. One good way to avoid overspending is to avoid spontaneous purchases and consider keeping a separate “holiday” bank account, which gets depleted with each bill and purchase.
This doesn’t mean you can’t use a credit card, just make sure you have the money to pay it off—immediately. Albanese explains that a credit card debt of $2,000, with an interest rate of 19.9%, could easily take more than 20 years to fully repay if only the minimum payment is made each month.
For those celebrating in tiny spaces, here’s a few tips for small-space decorations (that are also light on the wallet):