Take the Financial Grief Out of Giving this Holiday Season
The holiday season is just around the corner, and for many people that means months of overspending and years of debt. It does not have to be that way - with the right planning, preparation and some self-control, you can enjoy a generous and bountiful holiday season without getting buried under a mountain of credit card debt.
As the holiday season approaches, you might want to reflect on what happened last year. Look at your financial situation - has it improved since last year or have you taken a step backwards? Were the gifts you gave last year truly appreciated, or would your loved ones have benefited more from things like travel, parties and other types of presents? The answers to these questions can guide you as you get ready for the upcoming holiday season.
Before you set foot in a store or head to the local mall, make a specific personalized list for everyone on your gift list. If you have a large family, consider setting up a gift exchange instead of buying presents for everyone you know. Gift exchanges are a great way for big families to save money during the holidays without skimping.
Setting a budget for each person on your gift list is important, but do not overlook the importance of establishing a comprehensive overall budget. Before you buy a single present, you need to know exactly how much you have to spend. Setting a holiday spending budget and sticking to it is one of the best ways to control your spending and avoid credit card debt.
Once you have your holiday spending budget in place, it is a good idea to get started with your shopping as soon as possible. You do not have to wait until the last minute, or even until Black Friday, to start your holiday shopping excursion.
In fact, some of the best bargains happen long before the Thanksgiving holiday. Keep an eye out for special discounts every time you go to the store or head online. You may be able to save hundreds of dollars on your gift list simply by shopping early.
Stacking coupons, seeking out online discount codes and watching the sales can all help you save money on your holiday shopping. Procrastinating is always a bad idea, but it can be especially costly during the holiday season. Many smart shoppers save even more by picking up gifts throughout the year and putting them away for the upcoming holiday season.
The holiday season should be a time of fun and family - not a time of worry and debt. If you are tired of starting the New Year with a mountain of credit card bills, it is time to rethink your holiday shopping strategy. Starting early, looking for bargains, setting up a gift exchange and establishing an overall budget are all great ways to save money this holiday season. Contact Financial Asset Management Corp. for more help with budgeting for the holidays!