Many Americans may be feeling financial strain on their wallets this year and with the holiday shopping season in full swing, that feeling may get worse. The personal finance site MyBankTracker.com has seven simple tips to help ease the stress and limit the credit card bills after the gifts are opened and the tinsel is taken down.
1. Consider all financial obligations - While gifts are top of mind, shoppers should remember there are other things they may need to take on such as paying for Christmas dinner or donating to the local food bank or red kettle.
2. Take stock of resources - Come up with a reasonable figure for gift giving to avoid maxing out a credit card. Money is tighter for many this year and that debt will come calling soon in the New Year.
3. Stick to the budget - Split up the resources accordingly for #1 and #2 and try not to spend on a flash sale for something that’s not on the list.
4. Think of creative ideas to trim down spending - Instead of buying a real tree or wreath this year consider using the artificial one in the attic.
5. Be a smart credit card shopper - Keep the new credit card “offers” at bay; too many credit applications can significantly reduce a consumer’s credit score.
6. Go over bank statements carefully - Many consumers are doing more online shopping than ever, so check statements online regularly for suspicious activity or credit card fraud and report any immediately.
7. Exercise caution when using ATMs - Many Americans are using less cash during the pandemic, but if shoppers must use an ATM, they should safeguard the debit card PIN while using it and keep the receipt.
To read more about the shopping tips visit Tips to Manage Your Money During the Holidays
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