A five-step spending plan to avoid holiday debt

A five-step spending plan to avoid holiday debt

Source: consumerfinance.gov

The holidays can put a financial burden even on the savviest of shoppers and savers. But like most things, taking time to plan can help you avoid the stress that comes with overspending. Before you hit the mall or shop for Black Friday deals, keep reading to learn how to make a holiday spending plan that works for you.

1. Set a budget

First, make sure you account for all of your typical expenses so that you don’t come up short on bills or things like rent. Next, think about what else you may be spending on in the coming months. Are you hosting a party at your home, or traveling to visit family or friends? If so, estimate what those things will cost you. Once you’ve subtracted any expenses from your usual budget, you can think about how much you have to spend on gifts. It’s best to start planning this as early as possible. That way you can look at how much you’ll earn between now and the holidays and calculate how much you can save to cover your holiday spending. Being realistic about your budget will help make sure you don’t overspend.

2. Make a list (and check it twice)

With all of the excitement of the holidays, it can be easy to get carried away. Make a list of the gifts you need and cross them off as you go. Check your list several times before you go shopping so that you don’t leave anything off. This is when a personal rule may come in handy.  You might set a personal rule for yourself, such as: If something isn’t on your list, don’t buy it. This can get difficult when you see sales and deals pop up—but spending on something you don’t really need can make it difficult to pay for the things you do.

3. Get creative

There may be ways to give a meaningful gift at a fraction of the cost as buying something from a store. This may not work for everyone on your list, but here are some low-cost suggestions that CFPB employees have used:
▪ Homemade mixes in a mason jar, such as hot chocolate, bean soup, or cookie mixes
▪ You favorite recipes with photos in a custom picture book

4. Decide how you’re going to pay

Are you going to use cash or credit cards to pay for gifts? A helpful rule to set for yourself is to only bring the amount of money you plan to spend. That way you can help yourself stay within your budget because once you spend the money you brought, you’re done. On the other hand, using a credit card can give you more consumer rights if the item is broken when you open the box and doesn’t require you to travel with large amounts of cash. If you do decide buy your holiday gifts with a credit card, make sure you have a specific plan to pay your credit card bill and have set aside enough in your budget to do so.

5. Track your holiday spending

Just like you wrote down your lists to keep track of what you need to buy, you could also keep track of what you’ve spent. Periodically check to see if you are on track and sticking to your budget. Did you spend more or less than you thought you would on certain items? If you don’t keep track of what you spent, you could end up with an unpleasant surprise if you exceed your budget.

JD Bank Announces Promotions


November 1, 2021

Contact: Ann Barilleaux, JD Bank
(337) 656-7326

Jennings, LA – JD Bank is pleased to announce the promotions of Oliver Clark and Kitty Jo Deshotel to Senior Vice President Regional Manager and Kayla Robinson to Branch Manager for the Big Lake and Morganfield branches in Lake Charles. “Kitty Jo, Oliver and Kayla have the knowledge, experience, and respect of their peers that will allow them to lead our teams for continued growth and success,” said Dorene Gothreaux, Chief Retail Banking Officer.

Clark began his banking career at JD Bank in 2003 and is the Branch Manager of our Hwy 14 Branch located at 2726 Gerstner Memorial Blvd. He has served as Banker, Loan Associate, Consumer Lender, Assistant Branch Manager, and Branch Manager. As a Regional Manager, Clark will expand his duties to oversee the management of the Iowa, Jennings, Lake Arthur and Welsh JD Bank Branches. He is a graduate of the Graduate School of Banking at Louisiana State University. Active in the community, Clark volunteers with Big Brothers Big Sisters of Southwest Louisiana, serves on the Board for the Kiwanis Club of Southwest Contraband, and is a reserve deputy for the Calcasieu Parish Sheriff’s Office.

Deshotel has more than 20 years of banking experience and joined JD Bank in 2013 with the merger of JD Bank and Guaranty Bank. She manages the JD Bank Eunice Branch located at 300 Park Ave. Having worked her way up through the ranks, she has held the positions of Teller, Mortgage Loan Originator, Assistant Branch Manager, Branch Manager and Consumer Lender. In her role as Regional Manager she will oversee the management of the Lafayette, Mamou, New Iberia, Opelousas, and Ville Platte JD Bank Branches. She graduated from McNeese State University with a Bachelor’s Degree in Finance. Currently, she is a Board Member and Past President of the Eunice Rotary Club and also serves on the Board of Directors for the Eunice Chamber of Commerce.

Robinson joined the JD Bank team in 2013 as part of the Management Trainee Program. She is a Consumer Lender and serves as AVP Branch Manager of our Big Lake Branch located at 4904 Big Lake Rd. in Lake Charles. With her promotion, Robinson will oversee the daily operations, as well as, serve as consumer lender for the Morganfield Branch located at 4989 E. McNeese St. A graduate of McNeese State University with a Bachelor’s Degree in Business Administration, she is an active member of the Kiwanis Club of Southwest Contraband and Zeta Phi Beta sorority. She is a graduate of the Louisiana Bankers Association Leadership School, Bankers School for Supervisory Training, and Leadership School.

About JD Bank

Founded in 1947, JD Bank, Louisiana’s Community Bank, offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. JD Bank also offers both trust and investment services. JD Bank operates through 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. For more information, visit www.jdbank.com or call 800-789-5159. Member FDIC. Equal Housing Lender