It’s the most wonderful time of the year! It’s also the most expensive time of the year, as the holidays are upon us. You don’t want to leave anyone out on your gift-giving list, but whether your budget is tight or not, it can all add up. Here are four ways to help you manage your money and credit score during this holiday season.
Use Credit Cards
Don’t go crazy or anything, but using credit cards during the holidays can actually benefit you. If you don’t often use your credit cards, they could become inactive and they will be closed. Plus if you use your credit cards and pay them off, it not only helps your credit score, but it can also add up the points on the card itself – which could leave you with more rewards in the end, depending on your type of card.
Don’t Be Tempted By Retail Credit Cards
That cardholder 20% off discount may sound alluring, but don’t take them up on the offer. If you don’t shop at the given store, you could find yourself with a card you don’t use and will then be forced to close, which doesn’t help your credit score. Think about searching online for coupons prior to your shopping excursion to help with that extra 20% off.
Stay On Top Of Bill-Paying
The holidays are a busy time, so make sure you remember to pay your credit card bills. Whether you’re paying the minimum balance, or in full – just make sure you pay it on time! Being slapped with late fees is not only inconvenient, but it does some damage to your credit score.
Sometimes this is easier said than done, but you never want to spend money on things that you can’t afford. Don’t be plagued with debt that you’ll be paying off until the holidays next year, stay on top of it and only purchase things that you can pay off within a month. This will help you in the long run, so you can spend the year saving up instead of paying back your debt.
Don’t leave anyone out during this holiday season. Whether you’re buying little gifts for everyone or large gifts for a few people, prioritize and stay ahead of your spending. To learn more about how to manage your money and credit score during the holidays, visit here.