3 Basic Steps for Effective Holiday Spending: Holiday Shopping Budget

Overspending is common during the holiday season. Many people get caught up in the holiday spirit which may lead to more impulse spending. We want to make our loved ones happy by getting them the perfect gift, and oftentimes, after it's all said and done, you may find yourself financially depleted.

Here are 3 practical steps to help you avoid overspending this holiday season.

1. Set a limit for how much you can afford to spend on gifts overall

   Set a realistic limit as to how much you are willing and able to spend on gifts this year. Knowing your limit can help to ensure that you don't overspend on holiday shopping and help stay within your budget.

   
   

2. Write down the list of people you are going to gift

   Write down the names of everyone you are going to gift this year. Be sure to get every name down so you can effectively add them to your budget.

   
   

3. Evenly divide the funds amongst each person on the list and shop for gifts that are within the budget

   If your gift spending limit is $500 and you are gifting 20 people, you would divide the $500 by 20, which in this example would be $25. You would then search for gifts that are no more than $25 for each person.

   
   

Gifting Smarter not Harder this Season

Although these steps are basic, if you implement them, you will find yourself in a much better financial state when the holidays are over. Having a Holiday Spending Budget helps to ensure you don't become financially depleted due to holiday spending and also helps organize your spending. Also, don't forget to add yourself to the gifting list as well, and take advantage of those holiday sales for yourself too! Try sticking to a holiday spending budget and you'll find that it'll take so much weight off your shoulders once it's all done, knowing that you didn't overspend.

Question? Do you think a Holiday Spending Budget can help you keep more money in your pockets this year? I'd love to hear your thoughts in the comments.

If you haven't already, feel free to subscribe and check out the blog tab for more practical financial insight.

Discipline Is Key🗝️

#KeepMoneyNow