The holidays have arrived and with them all the joy, fun, family and stress of the season. With the holidays also comes the tendency to overspend.
Whether you’re on a budget or trying to cut back, it’s still possible to have a fun and meaningful holiday season without breaking the bank.
Here are 5 tips to get you started.
1. Create a Holiday Budget
The first thing to do when planning for the holidays is deciding how much you can really spend. Experts agree that your total holiday budget (including entertaining and travel) should not exceed 1.5% of your total salary.
2. Master the “10-Second” Rule
Then ask yourself if you really need it and also if that money wouldn’t be better used somewhere else. You’ll almost always find yourself putting that unnecessary item back on the shelf and walking away.
It’s easy to get carried away with small, relatively inexpensive presents, but a bunch of little purchases can add up over the course of the gift-giving season.
3. Cooperate and Collaborate
Love to entertain, but worried that your budget might be too tight to throw a successful holiday party? Don’t despair, collaborate. Talk to friends and family and see if there’s a way to share the expenses and the fun.
Don’t be afraid to make it a potluck; everyone loves to cook for the holidays
4. Make it About the Experience
Can’t afford an expensive trip out of town? Try creating a series of mini-experiences where you live. Go camping, find a place to go stargazing, create a scavenger hunt. You can have lots of family fun without spending a lot of money.
Nothing makes us appreciate what we have more than helping others. Find a local charity and offer to volunteer as a family. It’s free, and it can help your family to appreciate what is important.
Looking for more ways to save over the holidays? Talk to a debt and credit counselor today. We can help you to create a budget, and provide you with solutions to pay off your credit card debt.
Want to learn more? Schedule a free counseling session today or call us at 800-920-2262.