Do you and your family spend hundreds or even thousands of dollars on holiday gifts, entertainment, lights, food and decorations each year? If so, you’re not alone. Many Americans feel the financial burden of holiday spending well into the New Year. If you love to celebrate the holidays but don’t love the financial stress you experience afterward, we have several great tips for celebrating that will help you avoid overspending this holiday season.
Know your limits and set a budget
Plan out and review your holiday budget before you head to the mall this year. Know your budget, and make it non-negotiable – $50 means $50, not $53. Be sure to keep your receipts to create a running log of what you spend. Knowing your spending limits beforehand will help you stay on track. Remember to consider and include all of your major spending categories like gifts, entertainment, meals, and travel.
Get your shopping done early
Each year, the holiday shopping season starts a little earlier, and this year is no different. Many major retailers have already started their holiday sales – so be sure to check for deals and coupons online before you head to do your shopping. Plus, early shoppers have the advantage of the best selections of merchandise. If you are considering making a “big ticket” purchase this holiday season, items such as appliances, electronics, and apparel will likely have the best prices.
A great way to save a few dollars and impress your loved ones is to get creative. Store-bought gifts are great, but homemade gifts are often more meaningful and recipients often appreciate the time and effort you put into creating it. Homemade gifts add a personal touch and are often more affordable. Search online for your next new holiday craft idea.
Enjoy the season
Remember, the holidays are a time meant to be enjoyed with friends and family. Staying focused on your time with loved ones and those that you are thankful for can help keep stress in perspective. Remember that it’s much better to stick to your budget – and it’s a great feeling to start the New Year on the right financial foot.
Author: Acacia Kersey, Marketing Specialist | Marketing Services