It’s that time of year again—retailers are running their biggest sales of the year, and though it’s tempting to shop until you drop, those expenses can add up, even if you’re getting bargains. Here are 5 ways to make sure you don’t overspend this holiday season:
1. Don’t buy something just because it’s on sale
Avoid impulse shopping and buy only what you need for gifts. It’s important to honestly ask yourself, Would I have given this a second look if it weren’t on sale? If the answer is no, that item is likely an impulse buy you may regret later.
2. Don’t rely on using credit
It seems like every retailer offers a credit card with a points system or some sort of discount program. But it’s easy to go overboard, even if it feels like you’re getting a good deal. If you do use credit cards, make sure to pay them off right away to keep your spending in check.
3. Know your limits
Decide how much you’re going to spend overall this season. Then, decide on a spending limit for each person on your list before you go shopping. This will help you from going overboard or indulging in those last minute impulse buys.
4. Make a list (and check it twice)
If you have a good idea of what you’re looking for before you shop, you’re less likely to be swayed by impulse buys.
5. DIY
Not every gift needs to be elaborate or expensive. Consider homemade gifts—cook something delicious or make a fun craft! People will appreciate the thought and effort you put into it, and you’ll know no one else will be giving them the exact same gift.
6. Price check
If you find a gift you want to buy, use your phone to look for it elsewhere to make sure you’re getting the best deal. Sometimes this extra step can be worth skipping the convenience of getting the item right then and there. Plus, some stores offer price matching–it’s worth asking!
7. Track purchases as you go
Enter purchases into your favorite budgeting app or add them as a note on your phone. This way you stop yourself before you get carried away.
8. Plan ahead for next year
It’s never too early to start planning! Make notes on items you like, stores with the best deals, etc. so that you’re not starting with a blank page next year.
Final Thoughts on Holiday Budgeting
Setting a holiday budget doesn’t mean giving up fun—it simply means you’re making smarter choices to set yourself up for financial success in the future. We hope you have a wonderful holiday season!
