It happens every year. People get swept up in the holiday season and spend more than they planned. Presents and parties add to our credit card debt. Then we wake up in the New Year with a credit card ‘hangover.’ This year will be different though! Why? Because these handy tips will help you save money and stay on budget.
The easiest way to save for the holidays is to plan ahead. Estimate how much you’re likely to spend, then divide that by the number of weeks leading up to the holidays. That’s how much you’ll need to save each week. Next, open a new savings account and set up an automated weekly transfer from your regular account to your new ‘holiday fund’ account.
If you’re looking to stretch your holiday dollars, consider purchasing gifts from list second-hand sources.
Don’t you hate it when you get a gift that just isn’t for you? We’ve all been there. Whether it’s a sweater that doesn’t fit or a gadget you know you won’t use, it’s okay to return or re-gift it. If you don’t like it, why not exchange it for something you like, or re-gift it to someone you know will like it more.
It’s always a good idea to get your holiday shopping done early—not only because you’ll avoid the stress of last-minute shopping, but also because you won’t be tempted to make those last-minute panic-buys.
During the rush of the holidays, the cost of decorations often slips our mind. But all those little things can add up to a big price tag. So, don’t forget to budget for that Christmas tree, the lights, decorations, and those miscellaneous expenses that add to your holiday celebrations.
Click here to download our helpful Holiday Budget Builder.