Tired of overspending during the holidays? Although holidays are fun, they are also total wallet busters. There are high chances of overspending and overindulging. But don’t worry, these tips and tricks will surely help you out in the holiday season.
1. Create a budget: A budget can help you keep track of your precious money. Budgets can be general or very detailed. You can allocate a small and specific budget for gifts. Remember, gifts are not your only expenses. Travel expenses and holiday decorations have a tendency of eating away at one’s budget. Always keep money for unforeseen expenditures.
2. Keep a constant tab: There is no point in creating a budget and not keeping track of your expenditure. Keep a small diary with you and jot down all of your expenses. Cross check your daily expenses with your budget to cut back on unnecessary spending. If you don’t like carrying a notebook, just download one of those nifty mobile phone apps which allow you to track your budget on iTunes or Google Play.
3. Plan ahead: Create a list of activities you plan to do this holiday. Create a list of people to whom you want to give gifts. Include yourself in the list, but don’t go crazy with your spending! Everybody deserves indulgences. Pay close attention to your budget and look out for amazing discounts. You can even start shopping early and accumulating gifts over the months to reduce the pressure on your wallet during the holidays.
4. DIY: Rather than going fancy this holiday, use your creativity to create neat gifts. Gifts are more special when made with care. Bake cookies, make handmade soaps, decorate candles or photo frames or make a personalized CD for the person you care. There are plenty of DIY tutorials on YouTube, Pinterest, and Tumblr. You can follow tutorials and make something nice for a gift.
5. Cut back on credit cards: Credit cards are not your friends during the holidays. A credit card encourages unnecessary spending. Therefore, cut back on the use of credit cards for holiday shopping. However, if you do plan on using a credit card, make sure that there is sufficient money in your account to pay off all your debts without rewarding credit card company your money in interest.
6. Embrace classic holiday activities: Holidays don’t need to be comprised of pricey activities. There are plenty of traditional holiday activities which are inexpensive yet memorable. Watch a movie wrapped under a blanket with your family, visit Santa at the mall, visit the library with kids and read Christmas stories, or maybe just bake cookies and Christmas treats.
7. Cut down on decoration costs: Everybody loves decorations during the holidays. But decorations can eat up a good chunk of money. Decorate only certain places of your house like the living room. Try not to go overboard with the lights because it consumes a lot energy resulting to a bigger bill at the end of the month. Hang family pictures on your Christmas tree rather than fancy Christmas décor.