Don't Let Holiday Spending Bust Your Budget!
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Holidays can put significant financial stress on couples. Buying gifts for the children, each other, each other’s families, friends can add up to a hefty price tag. Decorations, food, party outfits, tickets to festivities, and travel to visit relatives can really strain your budget. It is so easy to get caught up in frenzy of decorating and entertaining that by the end of that month all you are left with is a sizeable holiday debt.
Here are a few ideas to help you avoid that holiday debt trap:
Sit Down and Talk Before You Shop
The first step is for you and your spouse to make some time in your schedule, think about what you would like to do for your holiday, so some research and plan a budget. Talk about how you can achieve your goals and execute your plan while staying within budget.
Look at your monthly bills.
Realistically, how much extra is there if you have not been saving up to buy gifts? Together, figure all your regular monthly income and expenses into a budget. We’ve all got necessities, so take of those first. Then, make a general list of everything you’d like to spend money on for Christmas including the things we often overlook like food, cards, party expenses, and decorations.
Make an agreement not to use credit this holiday.
Swiping that credit card is easy. It may even give you a little bit of joy. But remember, every transaction you make with that credit card will drag you further and further into debt. Take your credit cards out of your wallet and put them in a secure place for the holidays so you won’t be tempted by impulse buys.
Decide who you want and need to buy presents for this holiday season.
Spend a few minutes narrowing down your list. If you come from a large family where everyone is expected to buy for everyone else, perhaps have the conversation that, in these economic times, you’d like to explore the idea of just drawing names for extended family gifts or just sending cards and homemade gifts.
Make a monthly and weekly budget along with the final list of who you will buy for.
Put your budget in writing. Create a tracker and track it every time you purchase a gift at a store or online. Then, you will have a visual list to help with stay on target. People often think twice before making a purchase when tracking all their purchases.
Recognize the emotional or situational triggers that lead to impulsive spending.
Develop alternative activities or coping mechanisms that don’t involve shopping, such as exercise, hobbies or spending time with friends and family.
Even though you are on a budget this holiday, you can still enjoy tasty food and fun activities.
Don’t shop for Christmas decorations! Get all your decorations out and think of ways to repurpose them. Get the kids involved by stringing popcorn or cranberries for garland. Wrap some big shipping boxes with colorful wrapping paper and plastic ribbons and set them out on the lawn.
Get help with the holiday meal. Instead of hosting and preparing the holiday meal for the whole family, make it a holiday potluck.
Holiday travel is almost twice as expensive as other times of the year. Rather than trying to visit out-of-town relatives during the holiday weeks, send a card with family photos and let them know you are looking forward to visiting with them in the spring or summer.
Save money by not sending cards. Send one photo with the family on social media to friends and distant family instead of sending holiday cards.
Save money on utility bills by being thrifty. Asks family to limit shower time to less than 30 minutes to save water. Follow the utility company's recommendation and set and maintain your thermostat at a reasonable temperature. Use paper plates and utensils to save on dishwasher loads. Put your outdoor display lights on a timer and only run them the week of the holiday. Ask family to turn out lights when they leave a room for the day or evening.
A joyful holiday doesn’t depend on how much money you spend. It’s all about the people you’re sharing time with and the memories you’re creating along the way.
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