As the holidays are quickly approaching, it is important to strategize your spending. The holidays can be an overwhelming time both emotionally and financially, so it is important to budget and plan ahead when it comes to gift-giving and spending. Overspending on gifts, parties, travel, and more are bound to happen around the holidays, but it is also avoidable! Check out these three tips to avoid that pesky post-holiday debt!
- Make a List. Check It Twice.
Planning certain gifts for specific people? Make a list. Waiting until December to plan and buy your holiday gifts for others (and yourself!) is not the best idea if you are trying to save money. It is key to plan out who you are going to give gifts to and what gifts you are going to give them ahead of time in order to properly save enough money. It is also imperative that you do your homework on these gifts. You may be able to find great deals and sales in places you would not have previously looked at.
- Separate Your Savings
A great way to save money, specifically for the holidays, is to allocate some money that is dedicated to gift-giving. Having some money that is untouchable allows you some relief when it comes to feeling the pressure of buying your loved ones’ gifts for the holidays. By putting away a little bit of money as you go, you are guaranteed to avoid the shock that comes along with seeing your bank account after a long day of holiday shopping. If you are not interested in separating your savings, going the old-fashioned way with cash in a jar is a great alternative for saving money for the holidays as well!
- Don’t Be Afraid Of DIY
Homemade gifts are always a great option when it comes to the holiday season. As we all know, it is the thought that counts, however, there are numerous inexpensive homemade gifts that would be great as a holiday gift. For example, ornaments, jewelry, a painting, or even a nice holiday dish for a party work as great gifts. Homemade gifts still show gratitude, creativity, and that you put a lot of thought into your gifts.
While the holidays can be a financially taxing and hectic time for some, being able to allocate money for the holiday season will help relieve some of that stress. Making a list to budget your expenses for the months of November and December is key to being prepared. Allocating money aside from your regular savings account, as well as creating homemade gifts are also great ways to prepare yourself and your savings for the gift-giving season.