We know it can be easy to lose control and overspend during the holidays, especially when it comes to the Christmas holidays. As much joy as the Christmas gift giving period can be, it can also be a large source of financial stress for those who are struggling financially.
You may think it’s impossible to get through the holidays without spending a fortune, but with a little planning and budgeting, you can celebrate without having to go into debt. Before you venture out to the shops or open your laptop to make online purchases, consider these tips to help control your holiday spending.
1. Take a look at your finances
Before you start your holiday shopping, be sure to check how your finances are looking. Your financial situation may have changed from the previous year, so it’s important to check on your finances, as you may not be able to shop the way you did the previous year.
2. Set realistic holiday spending limits
You need to be realistic about how much you can afford to spend during the holiday period, you don’t want to go into debt simply because you set yourself unrealistic spending limits. Yes, of course you need to enjoy the holiday period, but it is possible to do this without maxing out your credit card.
Holiday budgeting will allow you to set limits on your spending, but will still enable you to enjoy the holiday. It can be really beneficial to set up a budget specifically for the holiday period.
3. Change your perspective
There is a lot of pressure felt around the holiday season as a result of the expectation to give gifts. People have the perception that they have an obligation to give gifts to everyone, regardless of their financial situation, but this is not the case. If you are struggling financially, you should try and cut down on the number of people on your present list. You should only be buying gifts for your close family and friends. We recommend focusing on thoughtful and meaningful gifts, moving away from the expensive, thoughtless gifts. A small, thoughtful gift is worth more than an expensive gift that someone may never use
If you do, however, feel the need to give to more people outside of your immediate family and friends, then maybe try and bake some cookies to give as little presents.
4. Compare prices
There’s nothing better than scoring a good deal! Whether you’re an online shopper or an in-store shopper, you should compare prices between stores to ensure that you get the best deal. If you plan on doing some online shopping, be sure to check out Idealo, a price comparison website.
5. After Christmas sales
It’s no secret, the best deals are always found just after Christmas when the majority of people have already purchased their gifts and the spending starts to slow down.It may be that you don’t see everyone on your present list before Christmas so it’s a good idea to see if you can hold off on your shopping until after Christmas – you’ll likely save a lot of money as most retailers have massive sales to help move stock that didn’t sell before Christmas.
At Debt Movement we know that sometimes debt is unavoidable and that, unfortunately, bad debt often happens to good people. Our goal is to guide people on their journey to financial freedom. Debt Movement has helped thousands of people move out of debt and become financially free. All you need to do is take the first step and get in touch with one of our professional debt specialists.
