6 Steps to Avoid Holiday Overspending

cropped santa-banksyOverspending during the holiday season is something all of us have probably experienced. Buying gifts, throwing parties, traveling to see family members, and all the other expenses that come with the holidays make it easy to lose track of your budget goals and finances. Don’t let the holiday season put you in debt! Here are 6 easy steps to follow to make sure you aren’t over-spending this season.

  1. Have Set Limits

Going into the holiday season, make sure you already have set spending limits. Know how much you can afford to spend on each person and find gifts that fit into that budget. Having these limits set ahead of time will help you avoid over-spending while you’re out shopping.

  1. Focus on what’s important

Don’t attempt to do it all. The holidays aren’t a competition. They are a time to be with friends and family, enjoy each other’s company. Don’t get caught up in “who gives the best gift” or “who throws the best holiday party.” Know what is important and what isn’t and don’t get distracted by the things that don’t really matter.

  1. Have a potluck

If you’re planning on throwing any sort of holiday party, opt for a potluck. Suggest everyone bring their favorite holiday dish, that way, you don’t have to go broke trying to buy enough food for everyone and you get to try an assortment of different foods.

  1. Plan your travels in advance

If you know you’re going to be traveling for the holidays make sure to buy your plane ticket well in advance. Last minute ticket prices around the holidays can be outrageous. If you and your family aren’t opposed to the idea, try flying on Thanksgiving, Christmas, New Years, etc. Flying on the actual holiday is usually much more affordable.

  1. Look for shopping deals

A popular time to shop for the holidays is Black Friday. Although there are often many great deals you can find with Black Friday shopping, there are plenty of other deals to be found throughout the holiday season. Keep an eye on some of your favorite store’s ads or websites to be in the loop with all of the deals they offer. Bargain shopping is always a great money saver, especially around the holidays.

  1. Make your own gifts

Making your own gifts is always a really personal touch that anyone would appreciate. Not only is a homemade gift more personal and sentimental, it’s often much cheaper to make your own gifts instead of buying them. Time to let your creativity flow! Design a bookmark, knit a scarf, or bake some cookies. All of these are nice ways to show someone you care during the holiday season.

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The holidays can be rough on your wallet. Don’t let them! Take time to appreciate what the holiday season is all about. Don’t get lost in the glamor of consumerism. It isn’t all about the gifts and parties, but rather, spending time with the ones you love. Follow these tips and you’re sure to have a wonderful holiday season without going broke in the process.

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