Picture it.....

Black Friday 2011.....

Not only have you paid off your credit card(s), you got an increase in your credit limit?  Awesome!  Uh-oh, there goes the evil laugh.  Oh, no--there goes the hands slapping together and rolling around while you contemplate what kind of shopping you could really do.  Yeah, you can just picture it now--remember that flat screen t.v. your spouse has been salivating for?  What about those earrings your mom has been wanting?  And Aunt Sally wanted that  purse she saw at Nordstrom's?  O, your daughter wanted a gift card to Victoria's Secret--be sure to add enough money on it because what girl can buy just one item from there.  You grab your wallet and car keys. . .Wait!  Don't walk out that door with your credit cards, you will develop a permanent foul taste in your mouth as it becomes Debt Friday when next month's bill comes.  Here are some ways to enjoy this holiday tradition without breaking the bank.

Envelope Method

In order to keep on top of your debt--no matter how small or how big the breathing room is--you must leave your credit cards at home.  Banks know how temptation works, and that is why they increase your credit limit; they hope to keep you under their thumb for years.  To keep Black Friday from becoming Debt Friday, use the envelope method to figure out how much to set aside for each bill--including gas for your car(s) and food--and put that money in their respective envelopes.  The rest can be used for Black Friday.

Christmas List

Everyone writes down what they want on a Christmas list.  While many people are very conservative because of our economy, you don't have to be stingy.  Your daughter wants a Victoria's Secret gift card, your spouse wants that flat screen, your mom wants those earrings, your aunt wants that purse from Nordstrom's, and so on. . . .Make it happen in your family:

• Get family to pool money together--each person can contribute a little in the pot for that one really cool item each person wants.  
• Stick to your budget--if pooling your money is not an option, than consider your gift giving carefully.  You don't want to buy something that is just going to sit in the back of someone's closet.

Black Friday or Debt Friday?

You don't have to have a coronary next month if you keep your credit cards at home.  Keep your money close as you enjoy Black Friday.

photo by: gadgetdude