As the biggest gifting season of the year approaches, or Christmas, most people have shared feelings – of course the joy of preparation is exciting, but it is also financially cumbersome.

Credit card had a negative impact on our family budget

Credit card had a negative impact on our family budget

A few months ago, I came across the fact that having a credit card had a negative impact on our family budget, so we had to take drastic measures to stop this endless loss. We are not from families who use a credit card to buy, for example, widescreen TVs or branded clothing, but over time, with one of the most common mistakes that cause financial loss, we have debt. We simply got used to the fact that a credit card seems to be expanding our income. I cannot blame my financial woes for either the credit crisis or the 2008 economic downturn, because these losses began to occur long before these worlds were gone.

Fortunately, instead of burying my head in the sand, I have faced these problems and we are channeling all our money into reducing our debt by following credit reduction tips and strategies. We are working hard on this debt reduction plan, even though it is the biggest gift giving time of the year. Since this year we don’t have the opportunity to indulge in thoughtful shopping pleasures, and we have decided to have a holiday without credit and debt, we have the following gift giving plan.

Low Budget Holiday Gift Plan

Low Budget Holiday Gift Plan

  • Be realistic and discuss your wishes and restrictions on gifts well in advance
    Of course, there is nothing that makes me more than happy to give fantastic gifts to my loved ones as their faces shine with joy. I feel guilty and ashamed, thinking that in some way I would have ruined their holiday without giving them special gifts in a time of lack of money. If you are worried about how you will financially cover a celebration at work, at home, or at other festive occasions, which usually include gift exchange, think about how much you want or can afford to spend in advance. You may realize that you are not the only one who is plagued by such issues and who would feel relieved to celebrate without a gift.
  • Rediscover the true nature of the holiday
    I have learned an interesting lesson this holiday. If we get rid of the material scenery of this time of year, we will save more time and energy to focus on the true nature of the holiday. For example, one day my son and I went to a video rental, bought a couple of Christmas movies and watched them together. This weekend, let’s go choose a holiday tree and decorate it together. The holiday traditions that make this holiday special are different for each family. Thinking about what makes this holiday so important to you, you may be surprised to find that it has nothing to do with how much money you have.
  • Be grateful for what you have
    Before you begin to stumble upon your financial situation, look around and remember to be thankful for it. Unfortunately, the world we live in is constantly reminding us that life is bad. However, there are so many things worth more than wealth and money. Caring for your friends, dressing up your children, remembering those you don’t have, and being grateful for what you already have.

If you don’t have a lot of money this year, you have two options. You can feel guilty and let these feelings spoil this special time of the year for both you and the people around you. The other option is to do everything in your power and focus on what is really important. Personally, I have found this holiday to be more special than ever because I don’t have to worry about money or shopping to buy the perfect gift. Maybe I will start a new tradition that will continue after my financial woes.