6 Simple Ways to Get Out of Christmas Debt Fast
There’s nothing like ringing in the New Year surfing on mounds of debt. Don’t you just love Christmas? It seems like almost every year (and in my defense, I think I’m getting a little better each year) I let myself get so wrapped up in the spirit of giving that I forget that I can’t afford to do that. I overspend, overbuy, and let the spirit of the holiday blind and bind me financially.
The saddest part about this is that come December 26th, I will likely forget exactly what I spent all of this money on and will have to carry the burden deep into 2018.
I’m walking into 2018 with a financial burden on my back as big as Santa’s sack. It’s not fun and it’s kind of sad, but it is what it is. Moaning about it will get me nowhere. Instead, I’ve come up with a list of ways to spend less and make more to pull me out of this hole within the first half of 2018.
I have a plan and if you need one, too- then this post is for you.
This plan is simple enough to incorporate into your life without making any dramatic changes. It will work for you if you work at it, and together we can be debt free before summer (or that is the goal anyway).
So here are:
6 Simple Ways to Get Out of Christmas Debt Fast
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Start a Side Hustle
In order to pay off the excess, we need to be bringing in some extra cash. We need a Side Hustle! If you’re like me and live within the constraints of your schedule- there are plenty of ways to make money from home without having to add a commute and/or second job to your resume. Here are a couple of ways:
-Online Surveys. You can do this from the comfort of your home, in the break room at work, in line at the grocery store, or just about any time you have a free minute. Check out my post: How to Make Money From Home with Online Surveys. Opinion Outpost is a great place to make money taking surveys and the post goes into detail about it.
-Swagbucks. Just like the online surveys, you can do this anywhere at any time, and having a flexible way to earn some money is priceless (like how I did that? LOL). There are a variety of small online tasks that you can perform to earn yourself some cash here and there on Swagbucks, so if you have a short attention span, or hate repetitive work like surveys, this is a good option for you. Swagbucks offers a referral bonus, so you can earn some extra cash just by spreading the word, too. Check out Swagbucks here.
Make Money As You’re Spending it.
Let’s be honest. From time to time, you’re going to have to eat, buy clothes, shoes, printer ink, etc… Normal expenses will arise, but if you need to spend, you also need to make sure that your money is working for you.
Have you ever tried Ebates? Well, I have and I LOVE it. In fact, I kick myself just thinking how much money I could have saved or made had I not started using Ebates sooner. Seriously. It’s the easiest way to make money on things you already need to buy anyway.
Here’s how it works: Next time you log onto Amazon to make a purchase, don’t. Instead, go to Ebates and search for Amazon. Once it comes up, click on their link to Amazon and you earn a percentage back of what you spend on Amazon. That’s it. It’s really that easy and there is no catch.
Think of it this way: instead of going to Amazon directly and purchasing an item for $10. Stop at Ebates, and click on THEIR link to Amazon. The link takes you right to Amazon’s site- there’s no difference in the site. It’s the same Amazon and the product you’re buying is the same price, etc… BUT since you went through Ebates, you’ll be getting a percentage back on that purchase. That’s it. And if you refer people to Ebates, you both get a referral bonus. It’s truly a win for everyone. Check out Ebates here.
Don’t Buy Anything Without a Coupon!
I’ve mentioned this in detail before, but it bears reminding. Get the most from your hard-earned cash and make sure you use a coupon or promo code EVERY SINGLE TIME. It’s as easy as doing a quick Google search and/or utilizing sites like Groupon, RetailMeNot, CouponCabin, and coupons.com to no end to get what you want at a discounted price. You can find an in-depth explanation of how and where in my post, 10 Ways to Save Money Now.
Let it ALL go!
Chances are that you are sitting on a goldmine of stuff that you don’t use and can sell for cash. Start by cleaning out ALL the spaces in your home. If you haven’t used it in a year, use it to make yourself money and free up some space in your home. Here’s how:
-Sell unused items online. Check out my Online Buy Sell Trade Basics for more details.
-Get rid of cable. There are other options that can save you HUNDREDS of dollars! There’s more info on this in 3 Reasons to Cancel Cable.
-Cancel subscriptions and/or negotiate with providers. Do you REALLY use or need your SiriusXM? How often do you watch Netflix? When’s the last time you called AT&T about promotions that apply to you?
Tighten Your Belt.
-Have a Plan. Review your financial situation. Which credit cards are you paying the highest interest on? What are your balances on those cards? Put together a good debt-reduction plan. We don’t want to spend the extra money we’ve made on finance charges.
-Make wise choices. Do you really need that latte? Can you start menu planning to save money on food? We need to dissect our every day and see where we can squeeze the money from. Every penny counts. (If you want to get SUPER frugal and do things like getting rid of paper towels, check out 10 Ways to Save Money Now).
Save for Next Christmas.
Another great way to cut Christmas costs is to buy clearance gifts all year-round to give at Christmas time. There are a lot of after holiday sales and/or clearance deals all year. I make a point to check the clearance whenever I’m in my favorite stores- and it has come in handy so many more times than you know!
We got ourselves into this mess because we started off on the wrong foot. As always, you can save yourself some stress and money by saving for Christmas all year. Even as little as $10 a week ($520 per year) can help to keep you out of the hole next year.
If you're in the hole because of the holidays, check out 6 Simple Ways to Get Out Of Christmas Debt Fast. #HolidaySpending #SpentTooMuch #SideHustleTime Share on X
Carry on… but with a smaller Santa Sack.
Keep all of this in mind throughout the year and for next Christmas. Depend on your clearance finds for the people in your life who aren’t too close, but you love enough to send a gift to. Your heart may be bigger than your wallet, and while having a big heart is a good thing, having a massive amount of debt is not. Only buy what you can afford and people will understand.
Let your goal for 2018 be to stay debt-free and next year you can start off 2019 in the black.
Did you overspend this holiday season? If so, what’s your plan? If not, how’d you do it?
Pam
Pamela is a Freelance Writer, Blogger, WAHM of 3, and Veteran Military Wife living in Southwest Texas. Raised in the Northeast and having lived a few years in the Pacific Northwest, she likes to write about mom life, parenting, frugal living, experiences, and WINE. (Lots of wine!) When she’s not busy chasing toddlers around, you can find her on the blog or on social media. Check her out on Instagram: instagram.com/wineandlavender
There are so many awesome side hustles out there now, so that is a great way to make some extra cash to pay off those bills. Loving all of your ideas.
Thanks Robin! I thinks it’s great that there are so many ways to earn online nowadays! Makes it MUCH easier to have a sidehustle, period.
I’ve tried online surveys, with not any luck. I’ve heard a few great things about Ebates.
Sorry to hear that about the surveys, Krystal. I LOVE Ebates! If you’re going to do the shopping anyway, why not earn a little, too?
excellent tips and a very helpful post indeed! I wish people did not feel the need to overspend in the first place and get into a debt though.
I know, right? But I, too am guilty of spending just a little (or a lot) more when I get into the spirit. 🙁
It’s great to come upon this because I just added up what I spent today on Christmas. A lot better than most years but still not great.
I’ve been there, Krystel!
Contrary to popular belief, we can definitely get through Christmas without overspending. I usually buy gifts the whole year round and I think it’s better because that means I can also score deals if there are sales or discounts. I think these tips are really helpful though!
Thanks, Karen!
I haven’t used credit cards in years to pay for Christmas gifts. I do a lot of these things throughout the year to pay for Christmas.
Smart woman, Reesa! Another great way to save, though- is to use a rewards credit card to make purchases and pay it off before you accumulate interest. You can use those points to buy gifts or for pretty much anything.
I just signed up fro ebates this year. I haven’t used it much but love checking there before buying anything to see if there is any bonus from them.
It’s great to get paid to shop!
I did a pretty good job with my holiday budget. I try to start planning and setting aside funds before the season starts so I don’t overspend. When I do go over my budget it usually isn’t by more than $100.
That’s awesome, Cindy!
I always say I will save for Christmas or start my shopping ahead of time and end up waiting last minute. But I feel that if I did save, I would eliminate Christmas debt all together.
Well, it’s never too early or late to start saving for next year, Nailil!
It always amazed me to see that so many people go so in debt for Christmas. I do a lot of what you mentioned, and Ebates is by bestie! WE ended up only spending 300 on gifts for our kids this year in total and it was all in cash too!
That is awesome, Jessica!! (I love Ebates, too!)
These are definitely some great tips. Since Christmas has passed, I’ll have to put the last one into practice for next Christmas.
Thanks, Erick!
Really great tips for not overspending this holiday season! I gave up pretending that I can afford to spend like crazy every holiday. Probably ended up saving way more money than I spent this year. When you realize it’s not about buying crap, but about the priceless things like spending time with your loved ones, you can avoid the spending trap.
Love this thoughtful comment, Nadalie! You are SO right!
These are some great tips as we do tend to go lil overboard with Holiday spending. I’m learning to use coupons and they are such an easy way to save.
Coupons definitely help!! Thanks Molly.
These are excellent tips and I really am trying to not spend this entire month outside of our normal essentials.
Great plan, Heather! We’re also on a kick to eat everything in our pantry and freezer before our next shopping trip… it will definitely make for some interesting meals, but will save us some money!
That is really interesting and wonderful to read. I do agree with those tips and suggestions on how to be more money wise and debt free.
Thanks, Angela!
Such great tips. I cam so ready to cancel our cable subscription. It is a waste of money. We watch Netflix most of the time and we have a firestick too. It just makes sense to get rid of it.
YES! We canceled cable years ago- it was a waste and although we don’t get to see some of our favorite shows as they come out (TWD), we do get to binge watch later- which I prefer and love because it’s also FREE.
Looooove that you included a side hustle as one of your tips! I’m a huge fan of Poshmark (I actually wrote a blog post about it last week!) and it’s a great resource for people who want to make a little extra money whle also cleaning out their closets.
I’ll definitely need to look into Poshmark, Maria!! If anyone else is interested in Maria’s post on Poshmark, you can find her at http://www.thrivewithstyle.com !!
These are great ideas. I do not go into debt for Christmas ever. I plan a set budget and set that aside for gifts every year.
Smart lady, Stephanie!! I need to learn to control myself a little more… LOL
Coupons are a great way to save some portion of expenses.I use offers and coupons to save money on most of the online purchases.Earning a side income is always a great idea to earn some more to cover the debts.Also It is essential to save money from unnecessary spending.
Thanks, Amila!
Those are great things to do for Christmas every year. And yes saving in advance works. But I think also purchasing items throughout the year so you aren’t in a rush at Christmastime works wonders as well. I need to do that more.
Thanks for stopping by, David!
YES! I’m already feeling the lasting effects of this Christmas into the new year. I absolutely love your tips about cutting spending until your back in financial graces. And I’ll definitely be saving and shopping in advance. Happy 2018!
Thanks Britt! Happy New Year!!
Years ago, I learned the importance of having a Christmas fund and sticking to a Christmas budget. It is so relieving to know that I have money to buy the gifts I want, and not stress out or be broke come January.
So true!