It’s not too late to get a handle on spending.
Begin with these tips:
Develop a holiday spending budget—
Whether you plan to travel, host or attend holiday parties, shop for friends and family members, or all the above, a budget is critical for keeping spending in check. Begin by setting a spending limit for each area of holiday spending, from meals to gifts to travel.
Pare down your list—
The winter holidays are a time of gratitude, generosity, and good cheer. However, too much good cheer can result in overspending, which can have the opposite effect come January when the bills are due. Take the time now to consider whether you can pare down your gift list or work with friends and family members to establish spending limits.
Pay with cash—
Paying with cash can go a long way toward curbing impulse purchases. However, as more people shop online each holiday season, cash isn’t always a practical alternative. If you use credit cards, do so judiciously and make sure you’re recording each credit card purchase to keep track of overall spending.
Start early—
Waiting until the last minute can result in rush decisions. “Panic buying” only adds stress for you and your wallet. The earlier you put your gift list together, the more time you’ll have to shop strategically. Starting early also provides ample time to watch for sales, compare offers in-store and online, and avoid expedited shipping costs.