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12.1.2022 / Financial Tips

How to NOT Overspend Around the Holidays

Overspending is easy, especially on your loved ones during the holidays. We fall victim to the commercialization of the holiday season far too often and end up paying for it later, literally. Forbes estimates that Americans get into over an average of a thousand dollars in debt during holidays. To make this holiday season more fiscally manageable, here are a few quick tips:

  1. Set a budget. Be conscious of how much money you can spend on food, gifts, and celebrations around the holidays. Once you set a budget, stick to it. You might even consider starting monthly saving habits for holiday celebrations.

  2. Know what you are going to get BEFORE you go shopping. The number one rule of grocery shopping: never shop while you’re hungry. The same rule applies to gift shopping. Have a list BEFORE you walk into any store. This will help you avoid impulse buys and “great deals” that you may see.

  3. Try to bargain shop and avoid shipping fees. Gifts are just as good at half the price (probably even better). Before you purchase any items, see if you have any gift cards laying around. You might also see if you can purchase the item on discount anywhere or use credit card reward points. It’s the same gift no matter how you purchase it.

  4. Start early. The early bird gets the great sales. Starting holiday prepping early is a very simple way to cut down on costs. With more time to plan and shop, it’s easier to find discounted items and not feel pressure to purchase last-minute and expensive gifts.

  5. Limit your list. Not everyone needs a gift. Another great way to cut down costs is to limit the people who receive a gift from you.

  6. It’s the thought that counts. Even though the phrase is cliché, the time and effort you put into choosing a gift for a loved one is far more important than the gift itself. The intention behind the gift is far more indicative of your friendship than the price.

Remember, after the holiday the excitement will be over, but the bills will still be there. Be conscious of how you’re spending your money and focus on enjoying the time with your loved ones. After all, it is the time together that matters most.

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