10 Simple Tips to Help You Stick to Your Holiday Budget
Worried about overspending this holiday season? There are many creative ways to keep your holiday budget in check. Here are 10 simple tips to get you started:
#1 – Avoid List Creep. It’s easy to get caught up in the joy of giving and add people to your shopping list for which you wouldn’t usually buy presents. Ask yourself, “Would I go out for lunch with this person? Would I invite them over to my home?” Rethink purchasing them a gift if the answer is no and your intention is to keep your relationship with them the same in the future.
#2 – Set Spending Thresholds For Each Recipient. Review your list and how many people you need to buy for, and set spending limits accordingly. For instance, your grandmother may have a larger budget than your co-worker. Decide how much you’re willing to spend per person to accommodate your budget and don’t deviate from that amount.
#3 – Remember the “Extras.” As you budget for the season, remember there are more expenses than presents alone. Make sure you’ve accounted for travel, parties, and gift-wrapping, just to name a few.
#4 – Go DIY if That’s Your Thing. People love receiving gifts from the heart. If you’re able to create something magical for a loved one, get your DIY on! You’ll save money and give something truly unique.
#5 – Make Sure You Bargain Hunt and Compare Prices. See a great sweater for dad or e-reader for mom? Don’t buy it right away! Saving money this time of year takes effort, so make sure you’ve done your homework before you buy.
#6 – Avoid Treating Yourself. It can be easy to find something great for yourself while you’re out shopping. Wait to buy it until after the holidays. Someone may have already bought you something similar, or the item may go on sale at the start of the year.
#7 – Don’t Procrastinate. You’re less likely to be mindful of your spending when you’re in a time pinch. Get on the shopping train early so you can be intentional about what you’re buying. Besides, aren’t the holidays stressful enough?
#8 – Be Flexible With Traveling. The less pick you are about travel dates, times, and layovers, the more likely you are to save money.
#9 – Keep Your Party Intimate. Hosting a social gathering for the holidays? Keep it intimate. You’ll have better conversation with each guest while cutting costs, too.
#10 – Send Electronic Cards. Cut down on the costs of photography, printing, and postage by going digital with your holiday greetings.
If you need help paying for the holidays, remember KEMBA is always here to help. Ask us about short-term, small amount personal loans, or consider opening a credit card to pay less in interest than the big box store cards.