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As the holiday season shuffles in, people often face increased personal expenses. EAP and MAFCU recently sponsored an information session with Consumer Credit Counseling Services, offering tips to increase holiday joy by lowering holiday expenses.
Debt-Free Holiday Recipe
1. Create a holiday budget and set limits. Include all expenses: special food, decorations, cards, postage, gift wrap, babysitting, party clothes, entertainment, travel, film development and, of course, gifts.
2. Determine how much you can afford to spend and stick to your limits.
3. Spend in cash. If you must use credit, use the credit card with the best interest rate.
4. Make lists and avoid impulse buying. Keep receipts with the name of the receiver on the back to stay organized.
5. Avoid last minute rushes. Check sales now. Visit craft shows and fairs where many unique gifts are reasonably priced. Search for coupon codes online.
6. Limit the number of gifts to children.
7. Give gifts of time, energy, skills or talent. These are gifts money cannot buy but mean the world to someone.
8. Remember that you have your regular bills.
9. Hold a family exchange. Pick one name from a hat and give just to that person.
10. Reflect on last year’s holidays. Were you happy or did you have debt that you are still repaying? Start the new year feeling thankful instead of stressed.
- Adapted from Money Management International
For more information about financial resources and support, visit www.eap.partners.org or contact Partners Employee Assistance Program at ext. 2-6017 or the Medical Area Federal Credit Union at ext. 2-8134.