Budgeting

How to Budget This Holiday Season

The most festive time of the year has rolled around again. Although days and nights are filled with Christmas carols, holiday parties, and delicious food, you may feel a bit overwhelmed with all of the spending that goes hand in hand with the holidays. You have to buy gifts for friends and family members, host parties, and attend celebrations – which may typically leave a big dent in your wallet. Luckily for you, we’ve come up with ways that you can budget this holiday season so you can save some money so you’re not left feeling guilty or stressed.

Set a Budget

This one seems the most obvious, but it’s also the most important. Before the holidays even roll around, take a look at your current financial situation so you can make an ideal spending budget for the holidays. If it’s unwise to spend as much as you did last year because you’re in debt or simply can’t afford to, then it’s important to stick to your budget for your current financial situation. If you know exactly how many gifts you have to buy, then set a price limit for each person so you don’t overspend.  You could even start putting aside holiday money as early as January so you’re not scrambling at the end of the year. This will make your life that much easier!

Take Advantage of Coupons and Holiday Sales

Become a coupon master and start scavenging for the best deals around. You may not even realize how much money you could save by using coupons. You should also take advantage of deals like Black Friday and Cyber Monday, where many hot shot items are on sale for much less than usual.

Track Your Purchases

Make an excel spreadsheet of all of the gifts you’ve purchased and how much they cost. That way, you can see exactly how much you’re spending so you don’t overspend on your budget.

Use Cash Only

Purchasing gifts with cash only will make it harder to overspend. If you use a credit card, you might fall into the debt trap faster – we all do it! Spending with cash is more of a nuisance than simply tapping your credit card, which is why it’s such a good way to prevent yourself from overspending.

Shop Online

You might find better deals and more savings when you shop online. It’ll also make your life easier because you can do it from the comfort of your home. It might also prevent you from buying something you don’t need, which could happen if you’re in a store and see something you like. It’s also a great way to comparison shop, as websites like Amazon.com and eBay sell many of the same items but for various prices.  

Budgeting for the holidays doesn’t have to be stressful and can actually be fun and straightforward. By setting a budget, preparing ahead of time, taking advantage of holiday sales and coupons, tracking your purchases, using cash only, and shopping online, you’ll be able to get the best gifts for your loved ones without breaking the bank.

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