Holiday Saving Tips
It’s that time of the year again – the time for holiday decorating, holiday dinners, spending time with your family, and … spending money. Sometimes, a lot of money.
If you’re like most people, you’ll be trying to save as much money as possible while crossing everyone off your list. We have a few holiday budgeting tips for you that might help. After all, it isn’t about how much you spend on a gift, but the meaning behind it.
1. Set A Budget & Track it
Set an overall holiday budget ahead of time. To make sure you stay on track, write down each purchase and keep a running total. Tracking your spending is an easy and effective way to help stay on budget.
2. Write A Holiday Shopping List
Before you even begin shopping for the holiday season, write down the names of your friends and family you’re buying for and specifically what you want to get them or at least how much you intend to spend. This can help you shop with a clear purpose and will certainly help to stay on budget.
3. Make Homemade Gifts
DIY gifts are a meaningful and cost-effective way to manage your budget. Whether it’s a personalized gift like a photo collage, a knitted sweater, handmade ornaments, or homemade food or dessert, there really is nothing better than receiving a DIY gift that someone put a lot of thought and love into.
4. Set Limits With Your Family
Gift-giving has nothing to do with how expensive gifts are; it’s the thought behind them that means the most. If you and your family plan to buy gifts for each other, or if you’re a part of a secret Santa gift exchange, set a spending limit. Whether it’s $10, $20, or $30, part of the fun is finding something for that specific amount! Keeping it simple and affordable is a great way to save big, have fun exchanging holiday gifts, and spread holiday cheer.
5. Save Early & Pay With Cash
Automatically transferring a set amount to a savings account each week from January through to December is a great way to stay on budget and avoid overspending. When it comes time to shop for the holidays, draw the money from this account. Having a fixed amount to spend should help to keep you on track.
Save Money With These Tips During The Holidays
The holidays are meant to be joyous, not filled with stress about credit card debt. Saving all year, setting a strict budget for the holidays and sticking to it is your best bet for avoiding debt.