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What steps are you taking to manage your credit through the holiday season?

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New Visitor

Re: What steps are you taking to manage your credit through the holiday season?

I am trying my best to pay down my credit bills as best I can. As for Christmas gifts I will spend more time with the family, gift cards for them, maybe take them out to dinner, but thats about it.
Message 31 of 47
New Member

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

We're doing a white elephant gift exchange with family - no gift purchase can be more than $50 - the gifts get put in the middle of the table (or Xmas tree) (we're going to celebrate Xmas eve this year) and each fam member will get a #, which prioritizes who gets to choose a gift from the collection first ... you can then 'steal' a gift from someone else, only 2 times and that gift is then theirs - it's a huge amount of fun ... and makes one think about the gift purchase and put some fun into it ... I learned this from my previous company who did this every year with all their employees and it really is so much fun, with folks 'dressing' up the white elephants to attract the gift recipient .... so, that equates to one gift per person, as opposed to a gift for every member.

 

We have however never taken our boys (23 and 27) on a family vacation, so we'll do this next year and this will be our 'real' Xmas gift to ourselves (mom and dad) and kids, but we're fortunate to be able to do this (thanks to the bonus check).

 

Fortunately our family is small - 5 in total, so this is much easier to do.

 

Cash all the way - relief - we paid up all our car loans and credit cards and probably have about $300 in total debt - doesn't get better than that.  We also tend to buy Xmas gifts during the year instead of waiting until the last minute.

 

Try the gift exchange, it's a ton of fun - the bigger the crowd, the better ...

 

Happy Holidays

Des

 

Credit Scores 770 and over for most family members ... I'm trying for 800.

Message 32 of 47
Established Contributor

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

Nothing.  My wife is in charge of gifts, and so far she's spent $320 on our credit cards, and she wants to get her sister a $150 spa gift certificate!  I hope I get my holiday bonus before the bill is due!

 

She didn't have much growing up except around the holidays so she feels obligated to go all out.

 

I didn't track our spending last year like I am this year, so I don't know if we spent more or less than the >$470 we'll have spent this year.

Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Message 33 of 47
Established Contributor

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?


@Gyandevi wrote:

I have asked my family and friends NOT to purchase a Christmas gift for me this year. Instead, I asked them to take the money that they would have spent on my gift ($25, $50, $100) and use it to pay down on their credit cards, car loan, or student loans.

 

I plan to do the same.


 

I wish we could have done this.  Close to $500 would have been a decent chunk (5%) of my car loan.

Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Message 34 of 47
Established Contributor

Re: What steps are you taking to manage your credit through the holiday season?


@wmarat wrote:
All holiday spendings are budgeted so no problem here.

 

Hopefully next year, we'll be in this situation.  I am expecting a fairly large bonus from work, so the $500 or so we're spending this year should be easy to match for next year.
Message Edited by Mike14 on 12-04-2008 03:31 PM
Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Message 35 of 47
New Member

Re: What steps are you taking to manage your credit through the holiday season?

Cash only - working OT and a 2nd job and that $$ is used for Christmas - we also asked other family members NOT to buy for us - we are only buying for kids and scaling back with them as well.

 

Once 12/26 hits - the $$ will be applied to paying down the credit cards like we have been but laid off the past month due to holiday and it will be a relief not to pay interest or late fees on what we just purchased.

 

Its a great feeling to pay in cash - never felt like this before - i kinda like it Smiley Happy

 

 

Message 36 of 47
New Visitor

Re: THIS WEEK: What steps are you taking to manage your credit through the holiday season?

First, I spend only money that I have (I haven't charged in three years -- but I am now trying to improve my credit scores now that I will be solvent in January 2009.

 

* I knit, so if I am gifting, I have made my gifts ahead of time

* I bought my boyfriends gift earlier. I knew what I wanted to get him and waited for a sale.

* My sister is moving, so she told me not to bother getting her anything until February.

* This leaves my mother and my brother, and I have a certain limit for them already.

* I'll buy small gifts for the kids in the family.

 

Anyway, bottom line is that it takes a little planning ahead of time.

Message 37 of 47
New Contributor

Re: What steps are you taking to manage your credit through the holiday season?

The main step I am taking is not buying into the hype of the consumer credit and banking industry.

 

I like gifts, love to give gifts, but I refuse to go into debt to buy something someone does not need.

FICO 12/9/08 TU 648 EFX 640 EXP 618
FICO 12/17/08 TU (?), EFX 635
FICO 12/24/08 TU (?) EFX 616
FICO 1/21/09 TU (?), EFX 623
FICO 3/3/09 TU 654, EFX 700
FICO 4/9/09 TU 655, EFX 705
Message 38 of 47
New Visitor

Re: What steps are you taking to manage your credit through the holiday season?

I plan to use strictly cash and set aside a certain amont of money for shopping and not go over it my budget. Come New Years I will make a new budget
Message 39 of 47
Valued Member

Re: What steps are you taking to manage your credit through the holiday season?

I pay my bills as soon as they appear on my accounts.  I regularly read posts on this forum.  I review my budget daily.

Message Edited by Henrietta23 on 27-12-2008 06:46 PM
Message Edited by Henrietta23 on 27-12-2008 06:47 PM
Message Edited by Henrietta23 on 18-08-2009 02:59 PM
Message 40 of 47
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