If you are like most Texas residents, your spending increases dramatically during the holiday season. With the combination of great sales, gifting and parties, the holidays can throw off anyone’s budget. However, they don’t have to.
Consider following a few of these tips developed from Investopedia in order to keep your holiday spending in check:
Make a budget and check it twice.
Many people overspend during the holidays because they don’t have a budget in place. Plan in advance how much you can afford to spend from now to New Year’s and stick to it. Remember that you can trade non-essential items like eating out or your daily coffee in order to set aside more funds for gifts.
Consider giving gifts with sentimental value.
The gifts you buy don’t have to be the latest expensive gadget or flashy jewelry. Instead, put some thought into smaller, more personalized gifts. Better yet, many of your loved ones would probably even prefer a heartfelt card or spending time with you over something from the store.
Don’t try to keep up with the Joneses.
You might feel pressure to spend the same amount on others as they spend on you. However, this simply does not work when the people giving you gifts have a much higher income or fewer debt obligations. Either stick to a budget based on your own financial situation or suggest setting spending limit for gift exchanges with family or friends.
Celebrate by giving back.
What better time to give back to the community or those in need than the holiday season? Instead of throwing your usual holiday party, which can get very expensive, consider organizing a volunteer activity for your friends and loved ones. The celebration will leave them with a feeling of goodwill instead of a holiday hangover.
Hopefully, you will be able to avoid breaking the bank this holiday season by following some of these tips. If you are concerned that your bank is already “broken,” consider giving yourself the gift of financial freedom by meeting with an experienced bankruptcy lawyer in your area.