We call it the most wonderful time of the year, the time we celebrate the birth of our Savior. But for many, the rapidly approaching Christmas season brings stress and pressure.
Marketing campaigns encourage us to buy our children the latest fad toy, give Uncle Jimmy the newest technology gadget and create the best outdoor light display on our street. Last year, the average American spent $986 during the holidays. If you are like more than 25 million people in our country, you live paycheck to paycheck, which means you are more likely to put all your Christmas spending on a credit card.
The Bible is clear about where God stands on debt - Proverbs 22:7 says, “The rich rules over the poor, and the borrower is the slave of the lender.” Jesus’ birth brought hope to our world – don’t let the holiday pressures to spend beyond your means steal it away this Christmas season.
Here are 5 Tips to Reduce Financial Stress During Christmas
Make a List and Check it Twice. Keeping Christmas spending within your means is no different than any other month: it starts with a written budget plan. Put on some Christmas music and call a budget meeting and write out your gift list. For each individual, assign a spending limit that everyone in the family can agree on.
Go “Old School” - Use Cash. Go the bank and withdraw cash, so you can feel your spending. When the cash is gone, you are done with Christmas spending. Avoid using credit cards. The average American will take five months to pay off their $986 Christmas credit card debt, and if you only make the minimum payments, it could take almost five years!
Take Advantage of “Free Money.” Black Friday, Cyber Monday, money saving apps, price matching, and coupons help you find great deals, as long as you are willing to do the work. If God is working in your heart to use His money wisely, don’t wait for the last minute. Doing your homework can result in great savings.
Put Your Thinking Cap On. You can’t expect to keep doing the same thing and get different results. If you racked up credit card debt last year, you need to think differently this time – get creative! This year’s fall has been mild, so have a late season yard sale, or pick up a part-time job and trim back in your regular monthly spending (maybe it is time to finally cut that cable bill and start using Netflix). Also remember, not all good gifts have to come with a huge price tag – a hand-written card, a custom made coupon book for acts of service or just spending quality time together will long be remembered more than another gift under the Christmas tree.
It’s Never Too Early to Plan for 2017. Christmas spending shouldn’t be an emergency, it should be something you budget for in January. Set aside money each month or open a Christmas club account through your employer or local bank.
If budgeting feels challenging overall, maybe it is time for you to get some one-on-one coaching from our MoneyWorks Ministry (MoneyWorks@blue-ridge.org) or join Blue Ridge’s next semester of Financial Peace University. We are here for you.
God Bless and Merry Christmas – The MoneyWorks Ministry.