Five Ways to Avoid Holiday Overspending
There are a lot of opportunities to accidentally go over budget this holiday season. Here are a few ways to help avoid overspending.
Make a list of family/friends you’re buying for ahead of time.
Write down everyone you’d like to buy a gift for and take a moment to review it. Does this appear to be an achievable list? When the holidays start coming up, I typically know the ballpark of my budget, but writing down names helps to break down those dollars more appropriately.
Read our Holiday Gift Giving & Price Guide post to help adjust your budget to add special people, like teachers, mail carriers, your coworkers, and boss!
Give yourself enough time to research gifts and their prices.
Whether you’re planning to do most of your spending in stores or online, it’s always a safe idea to start researching the gifts you’d like to get for your friends and family before the day of purchase. You’ll breathe a little easier knowing you’re getting the best deal!
Need to reassess your budget before holiday spending? Use our free, online Budgeting Module to get reacquainted with tracking your expenses and to walk through how to budget for the holiday season.
Add the cost of shipping and postage to your budget.
If you plan on mailing gifts this year, consider checking out your local post office prices to see how much it will cost to ship a present. And because shipping delays can happen over the holiday season, it can be a good idea to start planning out now when you will need to have your gift(s) ready to go.
Try shopping with cash only.
For myself, it’s very tempting to buy more than I need when I see the “Sale” or “Special Deal” signs in front of me. What helps curb my temptation for overspending is only taking the appropriate amount of cash out for the day. If it’s planned just right, then you’ll know exactly what you need to buy in store and online—so the ‘cash only’ method should work like a charm!
Pro-tip: If you find a few extra dollars leftover from your cash only holiday budget, put it into savings. Learn about the different savings options you have with the credit union.
Be aware of your spending triggers.
For example, I know going to specific stores (like Target or Bed, Bath and Beyond) is my spending trigger. If going to a certain retailer or walking down a specific aisle for you will be too tempting to purchase something out of your budget, try sticking to online shopping only for those items.
From using coupons to creating your own DIY gifts, if you’re shopping on a tight budget make sure to read our latest Holiday Shopping on a College Budget.
Make sure your account is secure this holiday season.
Set up text alerts on your mobile device for activities such as: low balance large withdrawals, and weekly balance updates. Watch ‘How to Use Debit Card Controls’ to learn more about securing your Together CU debit card.
