Tyrone Gamby, the CEO of Gamby Insurance Agency in Atlanta has devised five specific ways to erase holiday debt as well as ways to prevent holiday debt to begin with. –terry shropshire
1. Shop off-season: “[Shop] a little earlier in the year, [so] you [can] prepare for the holiday season as opposed to waiting till the last minute. … You kind of have to plan for sales. In this economic environment that we’re in right now, a lot of retailers are conducting sales trying to move their products off the shelves. Be a little more proactive by shopping earlier in the year.”
2. Track your spending for one month: “One month out of the year, keep track of everything that you spend. It will help you visualize exactly where your money is going. Add up everything and make note of it.”
3. Practice not spending for a day: Another idea that I would suggest — and this has been tried so many times but it definitely works … take one day and buy nothing for that day. It’s an exercise in restraint [that] can help you reign in your spending. Just try it [for] one day.”
4. Wean yourself off restaurant lunches: “Pack a lunch. Eating at a sit-down restaurant or a take-out restaurant, or even workplace cafeteria, tends to add up. Let’s say on average, you spend $7 a day five days a week. That works out to $140 a month. Just packing a lunch can save you up to $28 a month. It’s more money that you can probably use for your Christmas shopping without incurring any additional spending.”
5. Gift cards: “A lot of people give gift cards during the year. You can actually go and sell those gift cards on a website [like], plasticjungle.com. And what you can do is, say you don’t want the gift card you have. You can trade them in and get gift cards to stores that you prefer. Or you can use that money to pay a bill [rather] than incurring additional expenses.
