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Use budget, cash to survive Christmas
We all know we can go a little overboard when it comes to shopping for loved ones during the holidays. Good thing Dave Ramsey, America’s trusted voice on money and business, brings us back down to earth with these financial tips:
•It’s not an emergency. Christmas is not an emergency; it happens every year. Don’t use this as an excuse to overspend and buy things you can’t afford.
•Make a holiday budget. Make a list of everyone you are buying a gift for, and put a dollar amount by every name. Total it at the bottom. This is your Christmas budget. You can also check out www.mychristmasbudget.com, a free online budgeting tool to help you easily keep the holidays from wrecking your finances.
•Pay cash. Put the total from your budget in an envelope, and when the cash is gone, stop spending. This will help keep you on budget because if you overspend on Aunt Sue, Uncle Harry won’t get a gift!
•Avoid debt. If you’re running a little short on cash, talk to your family about spending expectations. Draw names, set price limits, or get creative. Whatever you do, don’t go into debt. It’s not worth it!
For more financial advice, read “Dave Says” on page 5A.
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