The holiday season is upon us. I love the warm feeling that comes at this time of year—a time of giving and sharing with others. Whether you are preparing for a Thanksgiving dinner, planning a holiday party, or buying presents, it is easy to go overboard – financially speaking. Here are some reminders to help you manage your holiday spending.
Start with a budget.
How much can you realistically afford to spend without going into debt? This should be your maximum budget. It doesn’t mean you have to spend everything you budget. Spending less is like giving a present to yourself.
Statistics show that without a budget, the potential to spend more may have you relying on credit cards. Who says Christmas doesn’t last all year?
Create a list – and stick to it.
I know it sounds cliché, but it really works. After you determine how much you can afford to spend, a list helps you keep track of who you are buying for and what you intend to spend on each person. Now you can decide what you want to give that fits within your budget and watch for holiday bargains.
Avoid impulse purchases.
Let’s be honest. How often have you been in a store and seen something wonderful someone would really enjoy? Me too! This is impulse spending at its best. Even though you may already have a gift for that person, you emotionally justify the purchase. If you have your list, you can look at what you have already budgeted for that person. If you feel the impulse buy is truly the better option, then get it. Just remember to change your list and return what you had previously purchased to stay within budget.
Try something new.
Many of us have learned over the past two years that we value experiences over stuff. Experiences create memories. The great thing about experiences is that they can be as elaborate or simple as you want. Spending time with someone you love doing something you enjoy has great value and doesn’t have to cost a lot.
Following these tips can help you enjoy the season without financial regrets. I hope your holiday season is filled with happiness and joy!
