3 Things You Can Do To Avoid Overspending This Holiday Season
It is the most wonderful time of the year, or at least that is what they say. The lights, the changing weather, the music, the food – it all plays a pivotal role in your emotions this time of year. Most of us are in good spirits, and we like to spend money. Unfortunately, the businesses know this, and they prey on us harder this time of year for this very reason. Yes, strong words, but it is true. These “Christmas Sales” are a gimmick to convince you to spend more of the money you don’t actually have. Luckily, they will be happy to provide you a lovely new credit card to help you spend more! Now, Black Friday shopping is just two weeks away. There are some simple things you can use to fend off the desires and the marketing to get you to spend more.
1) Do Not Open ANY New Credit Cards – They Are NOT A Good Deal
Yes, you are going to be bombarded with the option of new promotions for holiday credit. Things will be 0% interest, amazing perks, ya-da, ya-da. Ultimately, you are not going to feel this same way two months from now after the holiday haze is gone. You are simply going to be left with more credits than you know what to do with along with a mountain of debt to contend with. If you choose to embark on this path, it will certainly be a holiday you will not soon forget, because you will be paying it off till the next holiday seasons. Trust me, don’t do it. I can promise you will be better off in the long run without the extra debt.
2) Plan Your Shopping
Although this may seem obvious, many of us do not fully plan our shopping out enough. We plan for the basics. Then when new ideas or people come to mind, your plans immediately go out the window. Take the time to write down all of your current friends and family (yes, even the weird cousin you never talk to). Now, mark off who you are ACTUALLY going to buy a present for. Next, set a price limit for each person and stick to it. Again, basic I know, but if you knew it already you wouldn’t be dealing with debt from last holiday season, right? Once you have the total from your list try to plan out online what gifts would fit the person and the budget. Do not try this at the stores. Your mind will be hijacked into spending more than your budget.
3) Stick To Your Budget
This is by far the easiest one on the list. However, it is also one of the most challenging for some. Often our families and friends tend to spend a lot of money which may make you feel inadequate. Thus, you spend more money to compensate. This cyclical thinking does nothing good for you or others. Especially if they feel the same way as you do! You both will lose as you try to out spend the other person. If you have set a $50 limit for one person stick to it. Maybe you can be up front with them about it? Be nice, but let them know you are taking a stand against your finances and you are budgeting your shopping this year for gifts. You cannot guarantee others won’t be offended. However, you can be sure you are standing strong in your fight to live a financially free lifestyle.
Spending money this time of year has gotten out of control. It is not uncommon for many to spend thousands of dollars they don’t even have. The holidays should not be about what you can spend your money on. It is about who you spend your time with. The only difference is, unlike money which we can make more of, our time is finite. Spend it wisely.