With work parties, family gatherings, dinners, vacations, celebrations, and gifts, it’s not uncommon to overspend during the holidays. Wouldn’t you rather spend this holiday season celebrating and not stressing about the debt you incur doing so? Don’t let debt put a damper on your holidays this year, follow our helpful tips to avoiding mounting holiday debt.
Savings Tips – Set A Holiday Budget
Take a realistic view of your savings and your holiday list. Where gifts are concerned, make a list of those you will be buying gifts for and determine how much money you will be able to spend on each person. Consider not buying a new holiday dress that you’ll wear just once during your office party. Perhaps you can do without excess decorations this holiday. Find ways to stay within your budget by using coupons for gift purchases, and look for online discounts for hotels rooms. Be prepared to cut out events and purchases that aren’t as important to you in order to stay within your budget.
Savings Tips – Stick To Your Budget And Your Shopping List
Once you’ve created your holiday budget and shopping list, stick to it! Don’t be tempted at the stores, and don’t second guess your original decisions, this is the only way to stay within your budget. Think you’ll be too tempted while shopping? Try leaving your credit cards at home and shop using only the cash you’ve saved for holiday spending.
Savings Tips – Save Your Money All Year
Estimate how much money you will want for holiday spending and plan on saving enough each month to get to that amount by the holidays. For some people, saving just $25 each month will create a sizable holiday fund that is just enough to keep them from using credit cards for purchases.
Savings Tips – Start Shopping For Gifts Now
Work throughout the year on your Christmas gift shopping list and spread out your purchases leading up to the holidays. Shopping early will help you stick to your holiday budget. Leaving gift shopping until the last minute means there’s a greater chance of not finding the items you want, or not having enough time to shop for exactly what you want, which means having to buy something unplanned and often overspending.
Savings Tips – Don’t Let Your Mounting Debt Becomes Lingering Debt
The only thing worse than mounting holiday debt is lingering holiday debt.
Contact the professionals at E&Y Agency at 248-362-1313 for more helpful savings tips.
