With the holidays right around the corner, it’s time to start making your list and checking it twice.
As a parent, you want to make this joyous season memorable for your kids. You probably want to buy something nice for other family members as well. And sometimes, with all those people in mind, it’s easy to go overboard with spending.
So how can you make sure you don’t overspend during the holidays? I’ve got a few tips.
Make a budget. It’s just common sense. The budget is your plan for how you’ll spend during the holidays. Be reasonable. Determine what makes sense for your money situation, and decide who you’ll be buying for. Then, stick to it! Don’t get sucked into all the seasonal hype. Follow your game plan, and you’ll take a lot of unneeded financial stress out of the holidays.
Use cash, not credit. You naturally spend less when you use cash. You feel it a little more when you hand over a $20 bill instead of swiping a card. You might even think about pulling out the exact amount of cash you want spend on all your gifts. Then when the money is gone, the shopping is over!
Draw names. Do you feel obligated to buy for a bunch of family members every year? You shouldn’t. If you’re in that situation, talk to your family about drawing names. Every family member pulls one name out of a bucket, and then they only have to buy for that one person. You’ll spend a lot less that way.
Be honest. Sometimes, you just have to flat out tell your kids, “You might not get as much this year.” Explain how it’s just a temporary situation—and that this will help you have an even better holiday next year. You might be surprised with how understanding they are.
The last thing you want is for all that spending to haunt you into 2017. What might have seemed like a smart buy in December might not seem the same way when you get the bill in February.
Follow these pointers and be intentional about your spending this year. If you’ll do that, I promise you’ll have a holiday season worth remembering!
Rachel Cruze
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