It seems that Christmas is one of those holidays that will just sneak up and wham you when you least expect it. There are ways to avoid that.  Recently I spoke with Ann Lucas and Jim Yates from First Education Federal Credit Union, and we had a discussion about this very thing.

Today on the Top 5 at 7:45, I'll highlight how you can nip the holiday sneak attack in the bud. Here are some ways to avoid the nip.

  1. Take A Lesson From The Past - We can and should learn from out past mistakes. Desperation and obligation are two things that we must avoid as we approach the holidays. Remember to do things to where you'll be blessed and not stressed out.
  2. Tracking - Make sure you develop a habit of tracking all of your Christmas expenses from gifts to wrapping paper and right down to the last roll of Scotch tape you buy.
  3. Start A Christmas Saving Account - You can set these up at your local credit union. This is a great way to set money aside for the next holiday season. You can get will your payroll department and see about them deducting $25 - $30 a month or payday, to deposit into this account.
  4. Let Your Creative Juices Flow - Not only can you set cash aside for holiday spending, but you can get a two week side job at a retail store or sell items online for extra cash.
  5. Don't Count On That Which You Cannot See - Many people make the mistake of depending on a bonus at the end of the year, only to find out that it didn't come through. You should only plan to spend that which you have. It's the surest way to stay out of debt. Also, try to fight the guilt feelings that you HAVE to spend $500 on each kid for Christmas.

The Top 5 at 7:45 airs weekdays with me, Gary Freeman and sponsored by First Education Federal Credit Union.