It can be easy to go overboard on holiday shopping. But with some planning and budgeting, celebrating doesn’t have to vacuum up all your cash or leave you maxed on on your credit cards.
Use these five practical tips to ensure you stay on budget for the new year, rather than getting wrapped up in holiday spending.
1. Set Holiday Spending Limits
Give your credit card and your mind a holiday by limiting what you buy to what can safely come out of your bank account. Use this opportunity to create or get your budget into fighting shape, and use it to decide how much money you can afford to spend.
2. Make Your Own ‘Naughty or Nice’ List
Santa has to buy presents for the whole world, but you don’t. If your shopping list includes more than five people outside of your immediate family, start cutting it.
Then, bake some cookies to give to all the people you snipped from your original gift list. This will ensure you spread the holiday cheer and keep you from looking like Scrooge.
3. Be Realistic About Your Budget
our older brother paid off his student loans five years ago, and he always gets you the fanciest presents. However, if you are in a different place in your financial life, don’t feel you have to follow suit.
4. Become a Coupon and Coupon Code Collector
Sales aren’t the only way to get great deals on the gifts you want for your friends or family. Before you shop online, perform a quick web search for coupon codes for your favorite online stores.
5. Give the Gift of Your Time
Mom and dad (or other far-away family and friends) might love nothing more than a visit from you. Another idea? Writing up a “free night of babysitting” card for family and friends with young children, or “good for a home-cooked meal” certificate for your widowed uncle that can be used when the time is right.
Americans spend thousands of dollars, credit card debt to consume products for overweight
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