Surveys suggest that 86% of millennials, and 70% of Americans overall, go over budget during the holiday season. So as holiday spending picks up, or if it’s already in full swing (thanks capitalism), here are a few money-saving tips to avoid holiday overspending.
- Make a list and stick to it – Make a list of all the people you want to buy gifts for and check it twice. If the list exceeds the budget you want for the holidays, reconsider the list or evaluate how much you can spend on each.
- Set limits – You might have screen limit times on your phone. Do the same for your holiday gifts. Agree to a certain limit for gifts with your friends and loved ones. Be sure to hold each other accountable!
- Be intentional – Thoughtful gifts often outshine expensive ones. Instead of breaking the bank on something expensive, use your creativity and give something you make yourself or that has more meaning. Maybe a framed photo or taking time to cook a meal together will do the trick. Plus, it might even bring you closer with your loved ones.
- Shop early – Take advantage of sales, deals, and free shipping. The holiday shopping season seems to start earlier and earlier. This can help you get a jump start, and save some money, all while spreading out your expenses.
- Be credit conscious – Credit cards can help and even be an asset during the holiday season. Many credit cards offer cashback and rewards that can help your financial health in other areas. BUT be wary of the ease of swiping. Spending more than you can pay off each month is not advised. If that is the case, you can set aside your holiday budget in cash. That way each time you buy something, you will know how much you have.
You don’t have to be a statistic. Use these tips to help save some money during the holiday season.