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    How To Avoid Financial Indigestion During The Holidays

    Remember the old “I can’t believe I ate the whole thing” Alka-Seltzer commercial? Well, too often holiday spending can produce the same type pain as the overeating man in the classic antacid advertisement.

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    January credit card nausea does not have to happen, though. Or if it does, it can be minimized when, surprisingly, consumers follow a handful of spending rules between pre-Black Friday sales and Christmas Eve:

    • Use cash only when shopping. Leaving credit cards at home reduces impulse buys. It becomes harder to spend when you see the money dwindling away.
    • Carry only one credit card if necessary. Leaving home with a single credit card creates a debt ceiling when shopping. Carrying multiple cards significantly risks debt as you fail to resist purchasing gifts for yourself, relatives, friends and co-workers.
    • Comparatively search the internet for sales on a product you want. While the word “sale” might be tempting, you might surprise yourself with a cheaper buy by looking at what other stores or companies are pricing a product, particularly high-end electronics.

    One of the best ways to control your urges is to develop a holiday season spending plan, identifying the likely cost for presents, decorations and food.

    Families also can limit expenses by having gift exchanges. A family member pulls from a hat the name of another family member, Mom, Dad, brother or sister, niece or nephew, and that is the only person they are responsible for providing a gift at a holiday gathering.

    Going on line does not have to be a spending adventure. Rather, ideas are available there too to make the holiday season survivable. Pinterest, for example, can provide a treasure of inexpensive homemade holiday gifts or stocking stuffers.

    Presentation of a gift or sentimentality can also be valuable without being costly. Finding a photo of long ago, when someone was much younger, and placed in a frame, can be greatly appreciated.

    Ultimately, the season represents an exercise of self-control. Those willing to advance without planning, budgeting and buying need to keep only one question in mind: “Is it a need or want?” In many cases, people buy things that are not needed but spend the rest of the year paying it off.

    – Layden Hale, Senior Counseling Advisor for Homeport
    – Netta Whitman, Assistant Director Learning & Engagement for Homeport

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    Layden Hale and Netta Whitman
    Layden Hale and Netta Whitmanhttps://columbusunderground.com
    Layden Hale is Senior Counseling Advisor for Homeport. Netta Whitman is Homeport’s Director of Housing Advisory Services. Individuals interested in learning more about credit and budget counseling, or post-holiday financial fitness courses, can contact Homeport’s Learning & Engagement Department at 614-221-8889 extension 134.
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