Overspending is almost synonymous with holidays, with countless parties, family obligations, and travel and gift plans. But how can you control holiday spending to make sure there is no additional burden on you? If you’re worried about the extra spending you might indulge in during this holiday season, do away with your present gift list and decide on thoughtful gifts that would please the recipient while not causing you holiday stress. Think you can’t get through the holidays without spending a fortune?
Here are some tips to help you make this season a great holiday experience, rather than worrying about holiday spending:
- Create a holiday budget: Prioritize and budget your spending. List all the expected expenses for the holidays. Don’t forget to include trivial things, such as gift wrap paper, postage, tape, decoration, etc. Instead of shopping blindly and then remorsing later, it is important to short list all the items that you can do without this season while keeping all those that are needed and you can really afford. Consider your expected holiday expenses and plan individual budgets for travel, gifts, and other plans.
- Balance your checkbook: Your ultimate goal is to make sure planned holiday expenses don’t dig a big hole in your pocket. It is important to have a holiday budget spending plan so that the expenses stay within your monthly income. Making payments by check will help keep a track of your income and expenditure and avoid overdraft fees. Moreover, it will shed light on your spending habits.
- Internet shopping: Most online stores offer great bargains. It is best to use the Internet to indulge in bargain shopping and manage your holiday spending. What’s more, you may consider selling old items online and use the proceeds to fund holiday expenses.
- Get creative during holidays: You don’t always have to invest in buying expensive gifts and decoration items. In fact, you can get creative and invest in holiday traditions without breaking the bank. Whether it is baking a family recipe or presenting a personalized gift, it really works well to be creative. Avoid the impulse to shop at trendy stores; rather, you can use your creativity to create smart gifts that would be loved by the recipient.
- Don’t fall for freebies: During holiday season, you will find many stores trying to entice shoppers with the lure of freebies. You must realize that sometimes this is a trick employed by stores to attract buyers, who actually find later that this was just a selling tactic. If you are attracted by such an offer of a freebie, ensure that it is no less than the best deal.
Creating a holiday budget is the first step toward ensuring a financially sound future. Making a commitment to stick to the budget will undoubtedly help you manage your holiday spending and save you money and avoid stress and tension often associated with holidays.
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