This Is the Worst Way to Afford the Holidays

The holidays are an unquestionably expensive time of the year. From gift-giving to hosting to traveling, the costs associated with celebrating with family and loved ones can quickly add up. As such, many folks have no choice but to get creative when it comes to scrounging up spending cash. For some, that means cutting back drastically on expenses. For others, it means getting a second job.

But according to a new GOBankingRates survey, nearly 27% of Americans plan to pay for the holidays this year by dipping into their savings, both near-term and retirement. And that's a mistake that could result in some very serious repercussions.

If you have a general savings account outside your emergency fund -- say, an account you use to pay for things like vacations and larger purchases -- then there's certainly nothing wrong with accessing that account to help cover your holiday spending. But if you're thinking of raiding your emergency or retirement savings to pay for the holidays, don't.

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Source Fool.com