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Tips on How to Not Break the Bank This Holiday Season

Tips on How to Not Break the Bank This Holiday Season

Tis’ the season of unboxing packages from Amazon and wrapping gifts to put under the tree! While Christmas is the most wonderful time of the year, it can take a toll on your bank account.  It can be easy to get caught up between finding a bargain and maintaining a budget during the holiday season. But there is help for those who might be wishing for more saving than spending right now.  Here are five tips to help you maintain a budget this holiday season!


Set Holiday Spending Limits

Give your credit card a break by limiting what you buy versus what can safely come out of your bank account. Use this opportunity to create or get your budget into shape, and use it to decide how much money you can afford to spend. Holiday budgeting is a way to set limits on your purchases and still enjoy the season!


Be Realistic About Your Budget

When it comes to creating your budget, don’t try to keep up with other people.  Only spend what you know you can afford.  Just because your Aunt and Uncle get everyone fancy gifts every year does not mean you have to reciprocate that.  You can still get just as nice of a gift for a quarter of the cost!


Track Your Spending

Tracking your spending is one of the most important things you can do this holiday spending season.  It is very easy to put purchases on your credit cards and say you will pay them off come the next pay period.  To avoid any holiday stress and anxiety around money keep track of what you are putting on your cards. As you purchase the items on your list, write down what you pay for each one. This is another great way to hold yourself accountable for the spending limits you’ve set for the holiday season.


Shop Sales

Even if you missed out on Black Friday and Cyber Monday, there are still plenty of sales going on around the holidays. Shopping sales this holiday season is a great way to get a really nice gift and save yourself a lot of money.  Pro Tip: shop after Christmas Sales for gifts for next year!


Get Creative with Your Gifts

This year, get creative with your gifts.  Some gifts won’t even cost you a penny! A small and thoughtful gift will mean so much more to someone than something that costs way too much. Thinking of a thoughtful and creative gift for example, if your sister loves to bake but can't get the hang of homemade pie crusts, you could buy her a simple pastry-making tool for less than $10 and include a copy of a fool-proof recipe.  You could also make a “coupon” for a day filled with things they love! This is a cute and creative way to not spend a ton of money during the holidays!


Start Planning for Next Year

At this point in the shopping season, it might be difficult to even dream about next year, let alone what you’ll want to spend at that time. However, the truth is that if you’re able to start setting money aside for next year’s holiday shopping season at the start of the new year, you should be in great financial shape once the holidays arrive.


This year, plan to stick to your holiday budget, but set a goal of saving ahead of time for next year. Make sure that you are hitting holiday sales this year and shopping local when possible. Here’s to a financially sound holiday shopping season for all!