The holiday season may be the most wonderful time of the year, but it is also the most expensive time of the year. We spend and spend on gifts, travel and hosting holiday parties, then feel miserable when those bills start coming in January. There are ways you can curb your spending and still have a truly joyful holiday.
- Make a budget. How much did you spend during last year’s holidays? Make a list of all the purchases you made. Consider how much you can afford this year, and break down your spending limit into categories. Gifts | Holiday Meals | Entertaining | Decorations | Travel | Holiday Cards. Set a spending limit on each category, then aim to pay cash for your purchases.
- Make gifts instead of buying. If you aren’t particularly crafty, there are a number of stores that specialize in arts and crafts projects for jewelry making, furniture painting and scrapbooking, just for starters.
- Give your time. Everyone lacks time during the year. Spending time with the people you care about and care about you can be the best gift of the season. Focus planning around experiences that make meaningful memories.
“Christmas is the season when you buy this year’s gifts with next year’s money.” ~ Author Unknown
Visit www.nfcc.org if you are unable to cope with your total financial situation. This site can help you set up an overall financial plan.