When the holidays roll around, many people get so caught up in the joy of the season that all financial responsibility goes out of the window. As a result, they end up in a money pit that plagues them long after the holidays are over. If you are someone who overspends a lot during this time of year and you are looking for a way to cut back, here are some ideas that will save you a lot of money.
Create A Budget (And Stick To It)
Many people have an idea of how much they intend to spend over the holidays, but it is common for all of that to go out of the window once they head to a few shops and start making purchases. One way to avoid this problem is to sit down and create a written budget before getting started. Keep in mind that the only way for this to work is to stick to it, so try your best to follow all of the guidelines you have set prior to heading out.
Reduce Extra Spending
While there is nothing wrong with ordering a pizza now and then or grabbing a cup of coffee on your way to work, you should consider limiting extra spending over the holidays. By saving money on things that you do not necessarily need, you can take what you have saved and use this for gifts and other holiday items.
Host A Potluck
If you are someone who spends a great deal of money on food in order to host a large holiday gathering, you should consider going about things another way. Instead of providing all of the food for all of the invitees, turn it into a potluck instead. Having everyone bring a dish will take some of the financial burden off of you. All you have to worry about is providing a venue, linens and one or two of your signature dishes.
Set A Gift Budget Amongst Your Friends
Talk to everyone you know and discuss the fact that the holidays are rife with overspending and the true meaning of love and togetherness has been lost. Pose the idea of everyone only giving gifts that fall into a chosen price range. Many of the people you know will see this as a challenge and they will try so hard to be creative they won’t even notice you are doing this as a way to save money.
Don’t Buy Sales Items On Autopilot
There are many people who cannot resist the urge to take advantage of a good sale. If you are one of them, you should try your best to resist temptation. Just because there is a discount on something, that does not mean that you have to make a purchase. Before you buy anything you see on sale, ask yourself it is really necessary. If the answer is “no,” or you are unsure, then do yourself a favour and leave it on the shelf.
It can be easy to lose yourself in the holiday season and spend more than you can afford. Use these tips to help you celebrate the season without going broke.