The holiday season is coming up fast. The shopping choices are endless. We have unlimited choices, but unfortunately not unlimited funding. Here are some things to keep in mind so you can enjoy the holidays without suffering from a holiday spending hangover in January.
Calculate how much you can afford to spend. Not just on gifts, but on related items like greeting cards, wrapping paper or gift bags, tree decorations, etc. Knowing how much you can afford to spend this season is the most important financial tip.
Save money each pay period. Whether it’s $25, $100, or whatever it may be, set aside some funds from each pay period to make your holiday budget a reality.
Avoid making a good buy, but still overspending. It’s easy to overspend if we find an outstanding buy! But if it’s still more than we can afford to spend, then it’s not really a good buy for us.
Give a sentimental gift. All too often, we can overspend to show our love for someone. A great alternative is to find something that’s important to your loved one but that doesn’t cost a fortune. Perhaps print out and frame a favorite vacation memory, for example.
Give a gift of a service. Maybe you could clean out a car, dog sit or house sit, for example. That’s a valuable gift, but that doesn’t cost you hardly anything except your time.
Get a head start on next year’s holiday season by setting up a Christmas Club account or an additional savings account and automatically deposit a little bit of money into it each payday. With just a little planning and brainstorming, you can enjoy the holidays without breaking your budget!
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