It’s that time of the year again! If you haven’t started budgeting for the holidays, experts say start now. We are stretching your dollar with three tips to avoid debt this festive season.
Spending sprees and holiday sales are making it easy to go over budget this season, but financial experts say there are easy ways to rein in your spending.
“Knowing right now how much you’re going to spend for the next two months and really setting limits for yourself,” Chris Burns, Financial Expert, Dynamic Money.
That’s tip number one– make a budget and stick to it. Experts say once you assign a distinct dollar amount, get more specific and list who will be on your gift-list and be realistic about how much you’ll spend for each person.
“If you do that, not only do you end the year feeling better about your finances, but it also sparks creativity so that gifts you end up giving tend to be better.”
Tip number two– start early and shop with a plan. This gives you time to find quality used items or make your own gifts.
“That’s enough time to really make a plan and say this is what we have. And now let’s go look at creative gifts now not three days before Christmas.”
And number three– get the family involved.
“What if you brought the family into it and said look, this is the amount of money we have. We can spend it on the next best gift for you, or we would also like to spend it as a family. What do you think about that?”
And remember, spending less doesn’t make those gifts any less meaningful.
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