Forget Pennywise the clown. We know spooky.
Here’s something to truly terrify you on this All Hallows’ Eve: The average U.S. household had $8,437 of credit card debt in August this year. That means many Americans will be paying for their summer vacations and halloween costumes well into 2019. That’s why we put together this list of the top 5 ways to get your money right this fall.
The best place to start tackling your debt is to back away from your credit cards. One of the fastest and most effective ways to start tackling credit card debt is to stop adding to the amount you already owe.
#1: Come up with a plan
As tons of stores and weirdly eager neighbors are happy to remind us, the holiday shopping season is nearly here. But holiday shopping with a large credit card balance can be a recipe for financial disaster. You may want to start your planning by checkout our 5 best hacks for eliminating credit card debt.
#2: Set a budget
No “one weird trick” here. Once you’ve developed a plan, it’s time to put it in action. Your plan is only as effective as your budget so make sure you’ve checked out these budgeting tips.
#3: Get a Holiday Savings Account
You can get a savings account for pretty much anything, believe it or not, and that includes your holiday shopping, vacations, back to school budgets and plenty of other options. Armed with a plan, a budget and an interest-earning savings account, holiday spending is something you can relax and responsibly enjoy. If you’re on the fence about a savings account, here’s quick resource we put together to help you decide.
#4: Don’t Repeat the Same Mistakes
If you don’t want to be burdened by credit card debt for years, you have to commit to long-term change. Change can be subtle or drastic depending on you planning, budgeting and commitment. You can start simple by finding ways to save—whether you’re a student, young professional, freelancer or artist, there are products from community banks and credit unions designed just for you.
#5: Positive Reinforcement
Whatever steps you decide to take, acknowledging debt may seem like a small thing, but it’s the first step toward handling it responsibly. So, good job! Debt sucks—it’s complicated and confusing for almost everyone. Lifesaver makes it easier than ever before to find what’s right for you.