How to Avoid Overspending on Holidays

Generally, holidays are an exciting period for everyone young and old, and it gives everyone the opportunity to commemorate or celebrate an important cultural or religious occasion or custom.  It’s a period to spend some quality time with the members of the family and friends, enjoying every bit of moment and giving yourself amazing treats. You also want to go shopping and flex to your satisfaction but the only one issue to consider is very easy to get so entangled in the pleasure that you spend your savings beyond safe limit then spend the next few months regretting. The sellers have adopted different strategies of enticing you to buy more with seemly mouthwatering offers, but in reality, you have overpaid for the goods or services. Before you get hooked by the holiday spending hangover,  here are few ideas on how to put your spendings in check throughout the holiday period.

  1. Shopping Budget:

It’s essential to make shopping plans ahead of the holiday and ensure you set a limit to the total amount you intend to spend on each item on your budget. Your shopping plans should include the list of people you intend to offer gifts and the amount you want to spend on each of them. Also do not forget to include your monthly payments for housing, car maintenance, utilities, groceries, etc. Make sure you this money is set aside so that you not include only the holiday shopping and forgetting that these bills are also important. If you haven’t created a spending budget before, it would be of great benefits to you to learn how to now. There are lots of material online to aid your learning and you can also out for budget planners online.

  1. Avoid credit cards:

Put your credit card away from you during this period and opt for cash. Carrying cash gives you a sense of accountability because you would realize how much is leaving your wallet each time you purchase a new thing. That overwhelming feeling you sense each time the money in your wallet reduces tends to subdue you spending hangover. Alternatively, create separate savings account for your holiday then fund the account with only the amount you intend to spend for the period.

  1. Be creative:

You might want to present gifts to your loved ones, but instead of going overboard buying several gifts items for them,  you can make use of your creative skills. Remember, it’s thought that matters not necessarily the gift. Examples of such could be handmade greeting cards, handwoven gloves, bakes,  paintings or other homemade cookies and even baskets of fruits, which are both healthy and economical.

  1. Take advantage of shopping discounts:

Check out for genuine discounts on retail sales, coupons on shopping websites or flyers or newspapers and special discounts which are meant for your personality. You can also consider buying gift items in bulk and then split up the price with friends and family. In this way, you are sure of making a substantial amount of savings on your spendings.

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