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Set a Realistic Budget
Odds are, if you set a tight and strict budget for the holidays, you’ll end up feeling frustrated and annoyed. Take into account the last-minute purchases, who you’re getting gifts for, any traveling you may do, holiday activities and more. A helpful tip is to set a general budget for each person you get a gift for, that way you know exactly how much to spend for each loved one.
Cut Out the Unnecessary Expenses
We’re all guilty of splurging on things we didn’t need during the holidays. Skip those appealing, yet overpriced holiday items and you’ll be surprised how much money you save. You can factor “treating yourself” into your budget without going overboard on the unnecessary holiday treats and activities.
Choose Budget-Friendly Holiday Activities
‘Tis the season to spend quality time doing fun winter activities with the ones you love. This year, pick some activities that aren’t as tough on your wallet but will still provide those sweet holiday memories. Rather than spending money on special attractions and extravagant trips, try activities like sledding, driving to see Christmas lights or baking holiday goodies at home.
Watch Out for Sneaky Sales
There’s nothing better than seeing a big red “On Sale” sign by the perfect gift. Some stores don’t actually discount the item, but rather stick a sign on it to entice customers into thinking it’s a great deal. Even if you find something for a great price, make sure it’s in your budget before swiping the card.
Revamp the Family Gatherings
Saving money will make the whole family happy, so incorporating new traditions like Secret Santa or potlucks can save everyone big bucks. A potluck-style meal where everyone can bring their favorite dish, is a great way to have plenty of food and save money. Buying each extended family member a gift can add up, so trying out Secret Santa can be fun, exciting and much cheaper.
Giving into the holiday deals and going overboard on spending is hard to avoid this time of year, but having a plan helps tremendously. Sticking to your budget and being smart about your spending is the best way to avoid the dreaded post-holiday regret. We offer a Holiday Savings Account to help you manage your budget for the next. Happy holidays!