Holiday spending is inevitable. Between gift-giving, holiday parties, charitable events, and regular day-to-day expenses, money may seem to fly out the window this time of year.
Overspending does not have to be inevitable. If you haven’t already, it’s a good idea to have a game plan so that your pockets aren’t empty going into the new year.
Here are five tips for managing your money and your stress level during the holidays:
- Put in Extra Hours
This statement might seem obvious, but have the mindset to grind through the next few months. Ask your boss to work overtime or cover someone else’s shift. A few unique ways to make some extra bucks are to sell your old clothes, take online surveys, or get a part-time second job. Many retailers are hiring for short-term positions that will end in January.
- Make a Budget
Making a holiday budget is one of those things that everyone thinks about, but not everyone follows through on. Determine who’s on your gift list and what amount you want to spend and resolve to stick to it. Make sure to set reasonable numbers for dinners out, events, decorations, etc. Between putting in extra hours at the office and making a stable budget, you and your family could be rewarded when the holidays arrive.
- Minimize Unnecessary Expenses
By sticking to a budget, and cutting down unnecessary expenses, you should be able to enjoy your holiday season without feeling too much stress. You may be able to spend less this holiday season by prioritizing your events and gatherings. You don’t have to host or attend every party! Also, you don’t need to compete against last year. Many people try to outdo themselves each year with their wallet taking the hit.
- Choose Cheaper Traditions
While traditions are memorable, they don’t have to be expensive. For instance, instead of going on a lavish trip, you can tour neighborhood Christmas lights with your kids. Or go sledding. Or make Christmas crafts. Also, if you have a large extended family or a lot of friends, suggest using the secret Santa method for gift-giving this year.
- Take Care Around Sales
Make a list before you go shopping, and explore multiple stores’ offers before making a final purchase. It is helpful to get a head start on your shopping. Another way to save some money this season is to buy personalized gifts instead of expensive gifts. You would be surprised how many people prefer something heartfelt than expensive!
Do you have additional budget-related tips to share with us? Leave a comment or share on our social media pages!