Categorized | Living

How to Manage Your Holiday Spending

Having a budget to live by each day may be difficult for some people and when the holidays roll around, sticking to a budget may be next to impossible. A holiday budget is necessary or you may end up going into debt just to give your family a few gifts and memories. There is a lot of pressure to buy a lot of gifts and to find gifts that are going to impress the gift recipient and this often means people will spend without realizing how much they are spending. Each year consumers will spend at least $900 or more to buy holiday gifts. If you have children, your costs will be even higher. Good holiday planning will help you to save money on gifts and to still give out meaningful gifts to the people that you love and appreciate having in your life. Here are some great tips that will help you manage holiday spending and save money this year:

  • Sit down with your family and discuss your finances. Want to have your kids grow up to be financially smart? The best way to help them is to sit down and talk about your finances with them. They will see how to create a budget and the importance of saving money. Sit down with your family this holiday season and talk about the amount of money you can spend and put the plans and events on your calendar so you know what type of things you can attend and which ones you need to cut out.
  • Create a list of gifts and items that you would like to purchase for your loved ones. You need to create a list and stick to it so you won’t spend too much money on your holiday gifts. Reduce your list as much as you possibly can and remove people from the list that don’t really need you to give them a gift. Opt for homemade gifts instead of buying gifts for your neighbors or loved ones this year.
  • Shop ahead of time. A great way to save money on holiday spending is by shopping early. Start buying in the middle of the year when you see some sales and other things come up. Shopping early is a great way to save money as you can often get items at a lower price. You also need to look online to buy items for the holidays. You can also get some great online deals as many of the prices are cheaper than what you will get in the retail stores.
  • Hold yourself to your budget. You must have self control when you are shopping for holiday gifts. Prioritize the difference between needs and wants and be sure that you are buying what you can afford and avoid buying additional items that are not on your list.
  • Consider planning to have your gift exchange after the major holidays. You can find great items for 50 to 75 percent off if you will start shopping the day after a major holiday.

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