Ways To Manage Debt During The Holidays

Posted on December 21, 2018, 8:11 am
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The holiday season is upon us, which means most people get to spend more time with loved ones and enjoy some time off from work.

But with the average New York renter racking up over $4,300 in holiday debt, this time of year can also prove to be tremendously stressful. Finding the cash to spend for gifts, food, and other fun is not always easy, and local free gift giveaways in Bronx are not as frequent as one would hope. There are, however, a number of things you can do to help manage your funds and keep your debt low during the holiday season.

Spend Within Your Means

While you may want to purchase the latest and greatest for all of your loved ones this year, it’s important to show some restraint when doing your holiday shopping. Keep in mind that the true value of the holidays are to spend time with loved ones, not to go bankrupt buying the most expensive gadget or jewelry. Prepare a budget that fits your means and stick to it.

Find the most cost-effective places to shop in Bronx. There are tons of shops and malls in the borough where affordable gifts can be found. Running up a huge bill with the plastic can put you in a world of trouble at the end of the month, which is why reducing any outstanding credit card debt before the holidays is highly encouraged. Keep track of what you buy, how much it costs, and how you paid for it in order to stay on budget. The more organized you are, the better prepared you will be to reduce unnecessary spending.

In addition to having a solid plan for what you will be spending your money on, also try to keep the amount of people you buy for low. Yes, many in Bronx have large families, and this will likely make for some tough decisions, but a great rule of thumb is to only buy for immediate friends and family. Keeping your spending to those closest to you will not only cut down on your debt, but remind you of who is most important to you in your life.

Use Technology to Your Advantage

With apps for mobile banking and budget management, managing your debt has never been easier. Take full advantage of free mobile apps like Mint, which allow you to keep track of your finances and spending this holiday season. Even after the festivities are over, you can use this technology to keep tabs on all the factors that contribute to debt, including the expensive New York City rent prices with apps tailored specifically to the city like Zumper and PadMapper. Having this unlimited access to your financial data is a valuable tool that is worth learning if you aren’t already familiar with it.

One of the great aspects of living in New York City is that it’s one of the most magical places to be in the world during the holiday season. But with all the glitz and glamour that the city provides, it is easy to overlook how expensive it all can be. By arming yourself with the knowledge and tools to cut down on your debt, you will be better equipped to spend a stress-free holiday season with your loved ones without putting yourself in a deep hole of debt.

 

Jonas Bronck is the pseudonym of the publisher, managing the content and operations of The Bronx Times.™ / Bronx.com - the largest daily news publication in the borough of "The" Bronx with over 1.5 million annual readers. Publishing under the alias Jonas Bronck is our humble way of paying tribute to the person, whose name lives on in the name of our beloved borough.