Tis the season that the wallets creak and the credit cards come out, only to have high balances going into the New Year. The holiday season is a time when many people, especially parents, go overboard on the holiday spending. We all like to spoil our kids, especially around this time of year, and everyone sees at least one or two of those little things that you just have to get extra for that special someone. Before you know it, your budget is blown, and your credit cards are maxed. Luckily, there are ways that you can keep your holiday spending under budget this upcoming season. With that in mind, read on below for a few of the top tips for keeping holiday spending at or even under budget this year.
Explore Your Options for an Early Balance Transfer
One of the best ways to keep those credit card bills from being astronomical in the New Year is by opting for an early balance transfer. There are many cards on Credit Soup to help you get the smallest interest fees and the best balance after the Christmas rush is over and the bills start piling in.
Shop Early and Beat the Rush
Shopping early and even online is a Christmas shoppers best friend. Though there are going to be tons of supposed sales going up the closer it gets to Christmas, the wallop to your credit card isn’t worth it. If you shop early, you can spread your purchases out over at least a few months and pay the bills as they come in, or even refrain from using the credit cards at all, unless you have too.
Create a Budget that Works for Your Finances
There are actually a couple of different ways that you can set a holiday budget. However, the biggest thing is to create a budget that works for your finances, not everyone else’s. Christmas is no different than any other time of year when it comes to what you can and can’t afford to spend. You don’t want the budget to be too tight, as that is unrealistic for the task at hand. Make sure to work in a little wiggle room for last minute gifts and Christmas dinner.
Don’t forget to budget for the little things as well. Gift giving is one of the biggest expenses during the holidays, and many people forget to budget in the wrapping paper, office gift exchange and even charities. This can be so aggravating, and most people just throw their holiday budget out the window and regret it at the first of the year. Don’t be one of those people!
Avoid Binge Shopping
One of the biggest downfalls to any holiday budget is binge shopping. This is when you go out to grab a few holiday presents and end up going over your budget in one fell swoop. It’s so easy to get caught up in the moment and the rush of holiday shopping that you don’t realize how much you’ve spent until you’re back home with bags and bags of gifts and a stunned look on your face when you look at your checkbook or credit card balance.
Don’t Fall for the Sales
While sales are a great thing, and you can get a lot of your Christmas needs met there, sometimes they can be the downfall of your budget as well. Remember, not all deals are created equal and just $5 for something can end up with you spending $200 that you had no intentions of spending before you know it.
These are just a few of the top tips out there for keeping your holiday spending under budget. The holidays are about