It’s less than 6 months before the gift giving holidays at the end of the year. Time to remind ourselves to not go into holiday debt. We’ve got some tips to discuss between your personal finance questions. 

Discussion:

• child tax credit - different amounts depending on age of child and income. IT'S AN ADVANCE CHILD TAX CREDIT ON TAX RETURN. If you want to "opt out" go to https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

10 tips for avoiding holiday debt:

1) Start with a firm budget for the holidays. Include gifts, decorations, travel, Christmas cards and even stamps. What did you spend last year? What are you comfortable spending this year?

2) Make a gift list and stick to it. Keep track of your spending.

3) Pay in cash. Studies have shown that consumers spend less when paying cash.

4) Pay off current credit card debt before adding additional charges. 

5) If you’re crafty, start now making gifts. 

6) Start tucking away a portion of each paycheck into a holiday fund now.

7) Sell some items for extra cash.

8) Use your card’s rewards points or cash rewards for holiday shopping.

9) Set expectations for the gift exchange.

10) Book holiday travel early.

https://www.forbes.com/sites/billhardekopf/2020/11/17/10-tips-to-avoid-credit-card-debt-during-the-holidays/

https://www.hallmarkchannel.com/home-and-family/how-to/how-to-avoid-holiday-debt

https://www.biblemoneymatters.com/begin-preparing-now-for-christmas-expenses-to-avoid-holiday-debt/

https://www.consumerfinance.gov/about-us/blog/five-step-spending-plan-avoid-holiday-debt/

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