Some of the stress we incur during the holidays is inevitable. Family. Friends. Family. But there are several things you can do to help minimize your anxiety and stress around the holidays. How about stop overspending? We all go into the holidays with the best intentions, but somehow we tend to go off the rails every year with all the last minute shopping and splurges we tend to make in the name of being festive and generous.

You may feel like it’s too late for you to not be stressed over the financial commitments of the holidays whether you’re hosting friends and family for that holiday party, traveling or feeling like your Christmas gift list is longer than Santa’s! About 36% of Americans accumulate over $1200 in debt on average for the holidays.

It’s never too late to make better choices. You can start TODAY and build on those new choices into the new year and well beyond. Here are some ideas:

Make a Budget and Stick To It

You may already be over your budget if you did set one this year for your holiday spending. Yes, we’ve had to deal with inflation and added costs due to supply chain challenges, but you don’t have to keep digging yourself into a deeper hole. If you have reached your spending limit and there is still more shopping to do, get creative with your gift ideas. We’ll share some great ideas later on this topic. You can also start right now in planning next year’s budget. Plan to set aside an amount of money each month in savings for your “holiday fund”. Once it’s time to start shopping, you know your budget equals the amount in your holiday fund. Imagine if you saved $30/week (maybe eat out fewer times per week), you could have over $1300 saved for your holiday fund by the end of November!

Track Your Spending

One of the pitfalls of using debit and credit cards is that it’s easy to have no real connection to the actual amount of cash you’re spending with each swipe. Make sure you track all your holiday spending and don’t rely on your memory to keep track of your withdrawals and spending. You have enough on your mind already! Another great idea is to only use CASH for your holiday spending.

Get a Side Hustle

If you know you are a big spender (whether you intend to be or not), look at getting a second job to fund your holiday shopping. Maybe you can pick up a food delivery gig, like DoorDash or UberEats or become a rideshare driver for Uber or Lyft. Love animals? Start offering dog walking and pet sitting services in your area. Where do you love to shop? That store may be looking for part-time or help stocking shelves after hours. You may also be able to take advantage of the employee discount to assist with your own holiday shopping list when the time comes.

Shop with Credit Card Points and Credit Card Rewards

Take advantage of your credit card points and credit card rewards programs to help lessen the costs of your holiday spending. You may even be able to use your accumulated points for your holiday travel plans as many credit companies have partnered with airlines, hotels and rental cars to offer travel discounts. 

Get Creative

A thoughtful, creative gift makes such an impression! Take the time to think about those on your gift list and think of a way to make a sentimental gift for them. It’s the thought that counts, and your friends and loved ones would love to know that you aren’t incurring additional stressful credit card debt just to give them a gift that more than likely wouldn’t mean as much as a handmade gift from the heart.

Create a Repayment Plan

If you must incur credit card debt during the holidays, this could be a great time to take advantage of a new credit card with no or low interest rates as a welcome or introductory promotion. You may also be able to transfer the debt of a higher interest credit card onto a car with a lower interest rate. Some cards even offer a Welcome bonus! Make more than the minimum payment required each month in order to pay off the credit card debt sooner and with fewer interest charges.

Educate Yourself

The most important thing any of us can do is increase our financial literacy. We need to understand our credit card debt and not just bury our heads in the sand while feeling like being stressed by debt is a natural part of life. Follow @getremynt to improve your financial health and well-being while learning more money saving tips and reducing your holiday debt as well as your overall household debt year-round!