Since holiday spending doesn’t include just gifting, it’s essential to set your holiday budget now. You may spend extra on food, gifts, decorations, travel, and more during the holiday season. Don’t let the holiday season take a toll on your wallet and avoid a New Year’s Day debt hangover by using these twelve tips to help you budget for the holidays:
- Determine an amount you feel comfortable spending this holiday season, then stick to it!
- Make a list of everyone you’d like to buy gifts for and assign a dollar amount to each. Use your list to keep your spending on track with your budget.
- Make gifts to save money and show the recipient what they mean by giving them something unique.
- Save ahead of the holiday season and utilize your bank’s automatic transfers to set up a holiday savings account.
- If you plan to use credit, consider using a credit card that offers cash back or rewards. You may gain additional benefits or rewards to help lower the cost of spending.
- Don’t settle for the first price tag you see when shopping for specific items. Research other local stores or search online to see if you can find a lower price.
- Watch for sales or price cuts instead of waiting for Black Friday or Cyber Monday. Many retailers offer discounted items ahead of these one-day sales events.
- Buying last year’s edition of a big-ticket item may save you money since retailers discount big-ticket items at the end of the year to make room for newer models.
- Watch for travel specials on airlines or trains, or determine the cost of driving to your destination. Purchase tickets early, book hotels early, and set aside money ahead of the holiday travel season.
- Shop for groceries that can be frozen or dry stored when they are on sale versus last minute. Consider using off-brand versus name-brand products if they will save you money.
- Reuse decorations, extra cards, mismatched paper goods, and gift wraps to create a unique look and save. You can also check thrift stores for holiday items at a reduced cost or consider swapping these items with a friend to save even more.
- Don’t wait until the last minute, as rushing may lead to overspending.
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