Keep a Lid on Holiday Spending

It ’s easy to get carried away and spend too much during the holidays. Excessive spending can leave you with a pile of bills come January. Before your holiday spirit leads you into debt, look for ways to control your expenses.

Start with a List

Make a list of all the people on your gift list. It might include family, friends, coworkers, and people who perform services for you, such as your hair stylist/ barber, newspaper carrier, maintenance person, pet groomer, etc. Decide on a budget and either assign an amount to spend on each person and determine the total amount you can afford to spend.

The holiday season is when you buy this year's gifts with next year's money

Streamline Giving

Everyone’s budget is tight around the holidays. Cut down on purchasing individual gifts by having a “Secret Santa” at work. Perhaps adults in the family also would appreciate not having to exchange gifts anymore.

Leave Credit Cards at Home

Shopping at the mall can wreak havoc with your budget. Limit yourself to using cash only, which will help prevent overspending. Decide what you want to buy for the people on your list before you shop. Don’t be tempted by sales that lure you to stores you didn’t intend to visit.

Be Cautious with Shopping Online

Searching online can help you easily find gifts that family and friends have requested, but it can also tempt you to buy more than just the items you’re looking for. Avoid blowing your budget by sticking to your gift list and budget. Ignore suggestions for other items that might appear on a website.

Make it a Group Effort

Chipping in with friends or family members for New Year’s Eve celebrations or other holiday gatherings can reduce the expense for each participant. Choose a location or host and assign specific items for each person to bring.