Provided by Credit Union of Southern California 
According to a 2017 survey from mobile startup Varo, 74 percent of Americans say they often fail to budget properly for the holidays. And so many end up racking up holiday debt, particularly on credit cards.
The problem is that debt on credit cards tends to linger past the holiday season. According to a 2018 Magnify Money survey, 49 percent of holiday shoppers said it would take five months or longer to pay the season’s debt off their credit cards. That means those shoppers were going to paying off their 2018 holiday debt well into May of 2019.
But it doesn’t have to be that way. Here are tips to help manage holiday expenses:
It with a budget—always! A budget—which includes all possible holiday expenses such as travel., decorations, holiday clothing, and gift wrapping—will go a long way in helping you avoid overspending and debt.
Make a gift list. Make an extensive list of all family members, friends, teachers, and others that you need to purchase gifts for so you can accurately define your budget, then set a specific amount you want to spend for each category of recipients.
Track your spending. After each purchase, track your spending and make sure you’re staying within your financial limits.
Plan the way you’ll pay—cash or credit. If cash, start setting aside savings for your spending now. If credit, make a repayment plan to avoid carrying unnecessary debt into next year. If you need a new source of funds for the holidays, consider a seasonal job or suspending certain luxuries for a couple of months.
Set deadlines for new debt. If you do incur debt over the holidays, manage it wisely by setting a deadline in the New Year to pay it off.
Shop the deals. Sign up for email lists of your favorite retailers so you receive notifications of exclusive discounts.
Look for travel deals. Book your travel early and use online tools such as Expedia or Kayak to comparison shop. Use carry-on luggage to avoid excessive fees and avoid peak travel dates where possible.
Start saving earlier next year. In January, open a special holiday account at your financial institution or credit union. Even setting aside as little as $20 per pay period can help you be better financially ready for next holiday season.
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Email Celina at celina@whittierchamber.com