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How to Minimize Holiday Debt

Holiday DebtThe holiday season is just around the corner and along with it comes holiday spending. If you're not careful with your decisions, you may find yourself in unexpected debt at the end of the season. Here are some things to keep in mind while shopping. 

Shop with a list
Before heading to the store or opening your browser window,  make a list outlining exactly what you need and who you are shopping for. This will keep you on track and will help keep you from purchasing unnecessary items. 

Pay with Cash
Studies show that paying with cash will help you stay on budget, as you know exactly how much money you are spending. Stop by the ATM before heading to the store. 

Know Prices
Before hitting the mall, check online to find the lowest prices on popular items. You can also find online promo codes and printable coupons with a simple Google search. Small discounts really add up over the season. 

Don't Fall for "Spend More Save More" Gimmicks
It's easy to fall for "Buy One Get One" or "Spend $X Amount and Get X Deal" promotions. Many times these promos having you spending more than you were originally going to. This goes for items that are on sale as well. If it isn't on your list, resist the urge to spend.  

The holidays are a joyous time of the year, but remember the decisions you make may affect your financial situation for the entire year. You may also consider opening a Holiday & Tax savings account to help you save for 2017!