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Christmas is just a little over two weeks away and if you celebrate by giving gifts it's easy to overspend or rack up your credit card debts if you don't pay attention to your budget. Staying on budget during the holidays requires thinking about what really matters to you.
If you tend to overspend, here are a few quick tips that can help you cut your spending and still allow you to enjoy the season.
1. Make a list and check it twice
If you haven't already, list the friends and family members with whom you usually exchange gifts. Then decide if there is any one you can remove from your list.
2. Set a budget
One you're satisfied with who's on your list, set a budget fro each person or gift. Pick a dollar value you are comfortable with. Keep that dollar value in mind but also search for sales that can bring you under budget.
3. Make your own gifts
If you are the creative type, use your talents to lighten the strains on your wallet. For instance, you can create gift baskets with homemade goods, like chocolate chip cookies for a reasonable price. You could also invite friends over for a homemade meal. It doesn't have to be a fancy dinner, make it a pot luck, or get together for desserts or brunch.
When it comes to holiday cards, doing it your self can pay off. Consider sending a letter on brightly colored paper. If you prefer store bought cards, plan ahead for next year. Stores cut prices as the holidays get closer or after the holidays.
4. Give from the heart
Some family members or friends may appreciate your time more than an expensive gadget. Rather than a new fancy coffee maker, you can take a friend to the movies or volunteer to run an errand for an elderly family member.
5. Don't use credit
Pay cash. Wherever possible, pay for everything by cash instead of credit card. This will help you avoid all the fees and interest that are charged to your card- and avoid the surprise of finding out you actually spent more than you should when the credit card statement arrives in January.
Sticking to a budget isn't easy, to ensure your success, always bring a copy of your budgeted list with you when you go shopping. When you're done shopping- go home so you don't give in to impulse buys.
Leave a comment and share how you avoid overspending during the Christmas season.
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