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5 Ways to Avoid Overspending During Holidays

This is the season to drink, eat, and be merry – but hopefully not working your way into debt. Sure, the holidays are fun, but all of the extra expenses can add up quickly and throw your budget off track. Since we don’t want to fall into this trap, a little planning goes a long way. Putting a bit of thought to your every expenditure can help you get through the festive season and start 2016 on the right foot, financially-wise.


  1. Cutback on Your Expenditures. While the holiday season can make you feel like it’s that time to excuse the crazy shopping expenditure, making some adjustments and saving a bit of extra cash can be your saviour in covering up extra holiday expenses. Whether it’s eliminating your usual morning coffee run, packing homemade lunch for workdays, or skipping out some dinner invites, cutting back on these small things will help cover up emergency expenses when they arise.


  1. Earn Extra Money. Budgeting and saving can only get you so far during the festive season. If you need extra cash to fully enjoy the holidays, look for ways on how you can earn extra money. You can do this by working as a part-time seasonal help in retail stores, but if you’re looking for a more flexible job, consider babysitting or accepting tutorial classes for a days. If you don’t have enough time to do another job, go through your stuff and see if you have items you no longer use that you can conveniently sell online.


  1. Create a List and Budget. Making a holiday shopping list won’t only help avoid the chances of forgetting to buy a gift for a special someone, it’ll also help keep your gift-giving expenditures in check. Decide on how much you’re going to spend for holiday shopping, and list down everything you have to buy, such as holiday outfits, gifts, and personal needs and wants. This way, you get to keep your to-buy list and budget at the top of your mind when you go shopping.


  1. Think About Thoughtful Giving. Spending too much money on a gift doesn’t really make it a good gift. It’s quite easy to get wrapped up on the idea that you need to spend a specific amount of money on a gift, but the old adage does hold true: It’s the thought that counts. Do take some time to think about what you each of your loved ones would really enjoy having. Trust us, the item may not cost that much, but they’ll appreciate it more than a present worth 10 times your gift’s price.


  1. Get Creative in Hosting Your Party. If you love entertaining during the holiday season but hate how much it costs to have people come over, then take advantage of your creativity in hosting your event. Invite your friends over for a cookie making party, or host a potluck dinner party where each family brings their favourite holiday dish. It’s cheaper, easier, and surely is more fun.

Holiday season should not mean maxed-out credit cards. Learn to budget and spend wisely. You will be surprised how fun your Christmas can be without having to cost you an arm and a leg.


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