7 ways to make your holiday rich AND debt-free - FOX Carolina 21

By Andrew Housser

The big post-Thanksgiving national shopping spree is now in the past, but the winter gift-giving season is just getting under way. It's the perfect time to take a deep breath -- and take a second look at whether your pile of gifts is giving you a pile of holiday debt.

It truly is possible to come through the holidays with little or no additional debt. How do you know if you're spending too much? If you must repay debt for longer than a month, you are overspending. We have put together this checklist to help make your holidays merry and light -- on debt:

1) Use a list

Start with a list of everyone you will be giving to and what you would like to give them. Tally the approximate cost. Then take an honest look at your budget. Can you afford everything on your list? If not, scale back. Remember to include gifts for teachers and tips for the mail carrier, milkman and other service providers you may wish to include.

2) Re-evaluate gifts -- and return the excess

If you went crazy in the pre-dawn Black Friday hours and over-purchased, it's not too late. With most items and most stores (online or off), it's usually possible to return gifts before anyone knows you bought them. Would Grandpa like a big-screen TV? Sure. But most loved ones would rather receive a jar of mixed nuts or some homemade cookies if they understand you are making healthy financial decisions.

3) Shop online

If you follow safe practices, online shopping can be thrifty. Search for promotion codes or visit reliable deal sites to get the best practices. Make a policy of sticking to your list and budget (see No. 1), and only buying when you can get free shipping. As a bonus, online shopping can help you resist tempting in-store displays.

4) Stay home

If your budget is really tight, skip holiday travel. If you can't be with loved ones, plan a round-robin phone call where the family speaks to every member on the other end of the line. Put up your feet and relax with a glass of eggnog while you chat. Take photos of special days and share them online, or chat online with a webcam. Video calls really can be the "next-best thing to being there."

5) Spend credit card rewards instead of cash

If you use credit cards -- and are perhaps already in debt -- you might have a stash of credit card rewards. Find out if you can spend those rewards on gifts or gift cards, or receive cash back.

6) Eat in

Funnel your discretionary budget toward the holiday instead of daily treats. Eat in this month to save money that you can spend on gifts or entertaining. As a bonus, most at-home meals are healthier than eating out, so you might avoid gaining the traditional holiday pounds.

7) Treat your family to free TLC

For a no-cost stocking stuffer for your near and dear ones, make coupon books for things your family members enjoy but seldom receive. Kids can give parents coupons for prized commodities like "No whining" or "No begging." Siblings can treat each other to "riding shotgun" or "first turn in the bathroom." Parents can offer up treats like "Make cookies together," "Get out of one punishment free" or "Choose candy for movie night." Personalize a coupon pack with the recipient's favorite color or stickers featuring a favorite animal.

Remind yourself and your family that the holidays are about love and giving -- not material possessions. Gifts are just a symbol of that spirit of giving. Take the time to create traditions and let your loved ones know you are thinking of them, and you can have a special holiday season without the big bills.